The authors conducted year-long interviews with impoverished villagers and slum dwellers in Bangladesh, India, and South Africa--records that track penny by penny how specific households manage their money. The stories of these families are often surprising and inspiring. Most poor households do not live hand to mouth, spending what they earn in a desperate bid to keep afloat. Instead, they employ financial tools, many linked to informal networks and family ties. They push money into savings for reserves, squeeze money out of creditors whenever possible, run sophisticated savings clubs, and use microfinancing wherever available. Their experiences reveal new methods to fight poverty and ways to envision the next generation of banks for the "bottom billion."
Indispensable for those in development studies, economics, and microfinance, Portfolios of the Poor will appeal to anyone interested in knowing more about poverty and what can be done about it.
Deep within the American Dream lies the belief that hard work and steady saving will ensure a comfortable retirement and a better life for one's children. But in a nation experiencing unprecedented prosperity, even for many families who seem to be doing everything right, this ideal is still out of reach.
In The Financial Diaries, Jonathan Morduch and Rachel Schneider draw on the groundbreaking U.S. Financial Diaries, which follow the lives of 235 low- and middle-income families as they navigate through a year. Through the Diaries, Morduch and Schneider challenge popular assumptions about how Americans earn, spend, borrow, and save—and they identify the true causes of distress and inequality for many working Americans.
We meet real people, ranging from a casino dealer to a street vendor to a tax preparer, who open up their lives and illustrate a world of financial uncertainty in which even limited financial success requires imaginative—and often costly—coping strategies. Morduch and Schneider detail what families are doing to help themselves and describe new policies and technologies that will improve stability for those who need it most.
Combining hard facts with personal stories, The Financial Diaries presents an unparalleled inside look at the economic stresses of today's families and offers powerful, fresh ideas for solving them.
"You will not read a more important book about America this year."—The Economist
"A riveting book."—The Wall Street Journal
"Essential reading."—David Brooks, New York Times
Hillbilly Elegy is a passionate and personal analysis of a culture in crisis—that of white working-class Americans. The disintegration of this group, a process that has been slowly occurring now for more than forty years, has been reported with growing frequency and alarm, but has never before been written about as searingly from the inside. J. D. Vance tells the true story of what a social, regional, and class decline feels like when you were born with it hung around your neck.
The Vance family story begins hopefully in postwar America. J. D.’s grandparents were “dirt poor and in love,” and moved north from Kentucky’s Appalachia region to Ohio in the hopes of escaping the dreadful poverty around them. They raised a middle-class family, and eventually one of their grandchildren would graduate from Yale Law School, a conventional marker of success in achieving generational upward mobility. But as the family saga of Hillbilly Elegy plays out, we learn that J.D.'s grandparents, aunt, uncle, sister, and, most of all, his mother struggled profoundly with the demands of their new middle-class life, never fully escaping the legacy of abuse, alcoholism, poverty, and trauma so characteristic of their part of America. With piercing honesty, Vance shows how he himself still carries around the demons of his chaotic family history.
A deeply moving memoir, with its share of humor and vividly colorful figures, Hillbilly Elegy is the story of how upward mobility really feels. And it is an urgent and troubling meditation on the loss of the American dream for a large segment of this country.
Gritty with pain and betrayal and brutality, this true story also shines with an unexpected, life-changing love.
Meet Denver, raised under plantation-style slavery in Louisiana until he escaped the “Man” – in the 1960’s – by hopping a train. Non-trusting, uneducated, and violent, he spent another 18 years on the streets of Dallas and Fort Worth.
Meet Ron Hall, a self-made millionaire in the world of high priced art deals -- concerned with fast cars, beautiful women, and fancy clothes.
And the woman who changed their lives -- Miss Debbie: “The skinniest, nosiest, pushiest, woman I ever met, black or white.” She helped the homeless and gave of herself to all of “God’s People,” and had a way of knowing how to listen and helping others talk and be found – until cancer strikes.
Same Kind of Different as Me is a tale told in two unique voices – Ron Hall & Denver Moore – weaving two completely different life experiences into one common journey where both men learn “whether we is rich or poor or something in between this earth ain’t no final restin’ place. So in a way, we is all homeless-just workin’ our way toward home.”
The story takes a devastating twist when Deborah discovers she has cancer. Will Deborah live or die? Will Denver learn to trust a white man? Will Ron embrace his dying wife's vision to rescue Denver? Or will Denver be the one rescuing Ron? There's pain and laughter, doubt and tears, and in the end a triumphal story that readers will never forget.
Continue this story of friendship in What Difference Do It Make?: Stories of Hope and Healing, available now. Same Kind of Different as Me also is available in Spanish.