Why this mom quit her job to devote herself full-time to crypto
After more than a decade as a mortgage underwriter at the USAA, Brenda Gentry stepped down in October 2021. Rather than continue in mainstream finance, she turned to crypto full time. Now Gentry runs a crypto consulting firm, which she started after quitting her job.
The San Antonio resident sees crypto as a way to accumulate and pass on generational wealth. She and her family are excited about the “unprecedented opportunities offered by crypto,” Gentry, 46, told CNBC Make It.
Before going “all in” and leaving it stable at 9 to 5, Gentry started investing in cryptocurrencies during the Covid-19 lockdown in 2020. She started out small, but gradually began to invest more. .
By early 2021, she had reaped substantial returns. “My investment portfolio topped my 401 (k) – which had taken 11 years to reach $ 200,000 – in six months,” Gentry said. She recognizes that cryptocurrency is a risky investment, but her background in finance and due diligence helps her feel comfortable investing in the space.
Now Gentry is widely known as the “crypto mom” online. She continues to personally invest in digital assets, but primarily runs Gentry Media Productions with her daughters, Cynthia, 23, and Imani Gentry, 19.
The company advises on decentralized finance (DeFi) and non-fungible token (NFT) projects, and Gentry typically earns between 10 and 20 ethers, which works out to about $ 40,000 to $ 80,000, from the business each month. In comparison, she was making about $ 75,000 per year in her old job.
“NFT and DeFi break generational curses of poverty”
Gentry sees crypto as a way to provide a brighter future for his family: “NFT and DeFi break generational curses of poverty.”
DeFi protocols generally offer more attractive interest rates than with traditional banks, and the barrier to entry for borrowing is low compared to that of a traditional system. In most cases, the only requirement for taking out a DeFi loan is the ability to provide collateral with other crypto assets.
But these factors also explain why DeFi is very risky. Investors should understand the risks and take the time to research before buying.
For Gentry, getting into crypto has meant tangible changes for his family. In September, Gentry says she was able to help her parents retire.
“It’s something I’ve always wanted to do,” she says. “My father has already retired but had to return to work – the pension was not enough for them. My mother had worked as a cleaning supervisor for many years. The hours were brutal and harmed her health.”
Her next goal is to help her siblings retire.
Although cryptocurrency is volatile, Gentry plans to build wealth by holding his assets for the long term. The market “won’t always be bullish,” she said.
Experts warn that you should only invest what you can afford to lose, but they agree that a long-term holding strategy in cryptocurrencies like bitcoin is best practice.
Overall, Gentry and his family see crypto as a way to build generational wealth. They are all involved in different crypto projects including gaming and DeFi. “We are very interested in the game to win and how it is positively affecting people in developing countries,” with users earning income by playing blockchain-based games, says Gentry.
Gentry was successful in space, but what she accomplished wasn’t necessarily easy or typical. When it comes to investing in cryptocurrency, financial experts recommend being careful. While some digital coins and projects can increase in value quickly, they can also fall apart just as quickly.
Gentry and his family get many messages from people wanting to know more about the space, she said, and “we need to let people know that there are days when the market is red.”
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