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“Portfolios of the Poor: How the World’s Poor Live on $2 a Day” by Daryl Collins
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Nearly forty percent of humanity lives on an average of two dollars a day or less. If you’ve never had to survive on an income so small, it is hard to imagine. How would you put food on the table, afford a home, and educate your children? How would you handle emergencies and old age? Every day, more than a billion people around the world must answer these questions. Portfolios of the Poor is the first book to systematically explain how the poor find solutions to their everyday financial problems.
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Portfolios of the Poor: How the World’s Poor Live on $2 a Day offers an intimate look at how people surviving on limited incomes manage their daily finances. Authored by Daryl Collins, Jonathan Morduch, Stuart Rutherford, and Orlanda Ruthven, this 2009 publication challenges the notion that poor households lack financial sophistication. Instead, it demonstrates that low-income families cleverly juggle multiple transactions—borrowing, saving, lending—to navigate unpredictable incomes and expenses.
Rather than relying on conventional surveys, the authors employed a “financial diary” methodology. They tracked every cash flow—earnings, repayments, purchases, gifts—for 250 households in Bangladesh, India, and South Africa over roughly a year. These diaries captured the ebb and flow of micro-transactions typically hidden in large-scale data. The authors present detailed stories of how families survive on roughly $2 a day (sometimes less), covering everything from short-term food needs to hefty wedding costs.
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