Brenda Gentry was a mortgage underwriter at USAA. She was not making enough to give a good future to her family. Household expenses, children education and other health expenses were making her worried. Because of credit limitations, Gentry was not able to take loans and other financial perks from local banks.
Therefore, she started taking interest in Crypto and did her first investment during COVID-19. We’d recommend you to go through this article – Brenda Gentry quit her full time Job to focus on Crypto to lean more about her story.
NFTs and DeFi are breaking down generational curses of poverty
Now, Gentry sees crypto as a way to provide a better future for her family. “Crypto is about financial freedom,” Gentry says. “Most people who couldn’t access loans with traditional finance because of credit limitations can now invest in crypto and be able to borrow from it.”
Interest rates that DeFi protocols are offering are way attractive than what the traditional banks are providing. Furthermore, the barrier to entry to borrow is low compared with that of a traditional system. In most cases, the only requirement to take out a DeFi loan is the ability to provide collateral with other crypto assets.
For Gentry, getting into crypto has led to tangible changes for her family. In September, Gentry says she was able to help her parents retire.
“This is something I always wanted to do,” she says. “My dad retired before but had to go back to work — the pension wasn’t cutting it for them. My mom had been working as a cleaning supervisor for many years. The hours were brutal and taking a toll on her health.”
Her next goal is to help her siblings retire.
Holding crypto for a long-term
You may need to give this article a read. Let’s see how Gentry is handing this situation.
Though cryptocurrency is volatile, Gentry plans to build wealth by holding her assets long-term. The market is “not always going to be bullish,” she says.
Invest what you can afford to lose
Experts warn that you should only invest what you can afford to lose, but they do agree that a long-term holding strategy in cryptocurrencies like bitcoin is best practice.
Gentry and her family are involved in different crypto projects, including gaming and DeFi. “We’re very interested in play-to-earn gaming and how that is positively affecting people in developing countries,” with users earning income from playing blockchain-based games, Gentry says.
Whatever she has accomplished so far, is not that easy. You have to be very careful before you choose a coin. You have to avoid Ponzi schemes.