A poor man's put is also known as a credit spread. In this case, the "poor man" either doesn't have the funds to purchase the 100 shares of the equity, should he be exercised. In this case, the "poor man" sells a put option and then buys one at a strike price slightly further out-of-the-money (for less than the put he sold). The "poor man" gets to keep the difference, known as the credit. The risk is the difference between the strike prices. A credit spread (or poor man's put) offers less downside risk and requires less money upfront, but the reward is less. Also, selling credit spreads will be for another article.