Many people followed Francis’ footsteps not just because they were inspired but also because they were full of a desire for Christlike perfection, rejecting the empty attractions of the world. Their numbers grew daily and quickly spread all over the world.
Holy poverty, which was all they had to meet their expenses, made them available to do any job they were asked to do, made them tough for the work, and gave them freedom to travel.
They possessed nothing that belonged to this world; they were not attached to any things and so were not afraid of losing them.
They were free from care, with no anxieties to disturb them or worry to distract them. They were at peace with themselves as they lived from day to day, looking forward to tomorrow without any thought as to where they would find shelter for the night.
(From St. Bonaventure’s Life of St. Francis)

After her hair has been cut all around and her clothes from her previous life have been put to one side, she may be permitted to have three tunics and one mantle…Out of love of the most holy and loved child wrapped in poor little bands of cloth and placed in a feed trough…I admonish, beg and encourage my sisters always to wear poor clothes.
(From the Rule of Life for her Order, written by St. Clare)

A novice* came to Francis and said to him: ''Father, it would be a great consolation for me to have a psalter**. But, although the general minister has given me permission to have it, I still want to have it with your knowledge." Francis gave him this sort of response: '’Knowledge brings pride, but love builds people up” and the novice went away.
But the novice came back later and asked again. And Francis told him: ''After you have a psalter, you will want to have a breviary [a book containing the service for each day]; after you have a breviary, you will sit in a fancy chair, like a great fat church official and tell your brother: 'Bring me my breviary!' The brother was stunned and ashamed.
But several months later, he asked Francis again. And Francis said: "Go and do as your minister tells you." The brother began to go but Francis suddenly yelled after him: ''Wait for me, brother, wait!'' He went up to him and said: "Come back with me and show me the place where I told you to do with the psalter what your minister tells you." When they returned to the spot Francis bent down and kneeled in front of the brother and said to him, “I’m sorry, brother, I’m sorry. Whoever wishes to be a Lesser Brother must have nothing but his tunics, a cord, and short trousers the Rule allows him; and for those forced by necessity or illness, shoes."
(From The Assisi Compilation of early documents)
* someone who has joined the Franciscan Order but is still testing to see if it is really for them and can leave at any time
**a complete book of all the Psalms

 Holy Poverty in giving away possessions till it hurts
In Celano at winter time Saint Francis was wearing a piece of folded cloth as a cloak, which a man from Tivoli, a friend of the brothers, had lent him. While he was at the palace of the bishop of the Marsia, an old woman came up to him begging for alms. He quickly unfastened the cloth from his neck, and, although it belonged to someone else, he gave it to the poor old woman, saying: "Go and make yourself a tunic; you really need it." The old woman laughed; she was stunned - I don't know if it was out of fear or joy - and took the piece of cloth from his hands. She ran off quickly, so that delay might not bring the danger of having to give it back, and cut it with scissors. But when she saw that the cut cloth would not be enough for a tunic, she returned to the saint, knowing his earlier kindness, and showed him that the material was not enough. The saint turned his eyes on his companion, who had just the same cloth covering his back. "Brother," he said, "do you hear what this old woman is saying? For the love of God, let us bear with the cold! Give the poor woman the cloth so she can finish her tunic." He gave his, the companion offered his as well, and both were left naked so the old woman could be clothed.
(From Thomas of Celano’s Second Life of St. Francis)

Holy Poverty is giving away power to others even if it’s risky
A few years after his conversion, due to illness Francis resigned the office of head of the Order in front all the brothers during a general meeting.
Once, when asked by one of the brothers why he had abandoned his position of responsibility for the Order, and handed over to others who did not belong to him at all, he replied, ‘I do love the brothers as much as I can, but I would love them still more if they would follow in my footsteps, and not be a stranger to them’.
(From The Mirror of Perfection)

Holy Poverty is accepting power but using it to become the least of all and the servant of all.
All the brothers should not wield power or dominion, particularly over one another. Because, as Our Lord tells us in the Gospel: The rulers of the Gentiles lord it over them and their high officials make them feel the weight of their authority. But it must be not so among the brothers. Whoever wants to become great among them must be their servant and slave. The greatest among them should be like the youngest.
(from St. Francis’ First set of regulations for the Franciscan Order)