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This book discusses the creative financial strategies that the worldβs poorest people use to get by.
This book discusses the creative financial strategies that the worldβs poorest people use to get by.
Extreme poverty does not turn people into charity cases, unable to help themselves. In fact, those who live in poverty are incredibly smart financially, have many complex networks for raising capital and making investments.
We assume that people with little money spend any & all cash as soon as they get it. But thatβs not true. People living on an average of less than $2 a day usually set aside a small amount of savings.
But since most of the worldβs poorest people are illiterate, they keep track of & manage their finances through oral communication with their friends and families.
Financial reciprocity and collaboration are just two of the ways the poorest people help each other.
Financial reciprocity and collaboration are just two of the ways the poorest people help each other.
Since money is a rare in these communities, community members also offer each other practical, non-financial aid.
Tight-knit friendships within poor communities entail all manner of non-material support. This could be anything β from babysitting to providing emotional support.
Tight-knit friendships within poor communities entail all manner of non-material support. This could be anything β from babysitting to providing emotional support.
We should never underestimate the poor. They are just as talented & capable. All they need is a level playing field & opportunities.
β’ β’ β’
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