Creating Generational Wealth Through COMB

By COMB

Generational wealth is about more than just money or assets being passed down from generation to generation. An amazing real estate portfolio, a profitable family business, or perhaps stocks purchased from the early days of FAANG companies are only half of the equation. The intangible aspects of generational wealth, such as education, values, and habits, help to preserve the freedom wealth provides. However, wealth does not solve all problems, but what it does allow is the freedom to live the life you wanted. Regardless if you have inherited generational wealth or starting from scratch, there are two aspects of wealth that everyone working towards financial freedom needs to hone: money management and financial education. The people who realize that money is merely a subset of wealth are those who focus on finding ways to utilize their resources and money to generate something sustainable. Thus, everyone is always in search of more streams of income. How can I make more money with the money I have now? Perhaps purchasing FAANG stocks and real estate are too expensive for those starting to save. What is a new early opportunity that the current generation can take advantage of? For those feeling that options are limited, a potential new stream of income could be through COMB.

What is COMB?

COMB is a decentralized finance (DeFi) protocol focused on tackling multiple issues that prevent widespread adoption of blockchain technologies. Those who are not tech-savvy often utilize apps such as Coinbase to purchase and hold cryptocurrency. While exchanges have made cryptocurrencies easier to purchase, users are missing out on a variety of use cases to earn more money while holding the token, such as yield farming, otherwise known as liquidity mining. In addition, users holding cryptocurrencies can participate in peer-to-peer (P2P) borrowing and lending markets to earn even more money while holding onto their cryptocurrency. COMB’s platform provides a simplistic and intuitive way to access these financial services, allowing individuals to put their “money under the mattress” to work.

COMB is Creating the Building Blocks of Financial Freedom

COMB’s mission statement is to provide “financial autonomy for the ordinary”. According to recent studies, 54% of Americans live paycheck to paycheck and 60% of millennials who make over $100,000 a year live paycheck to paycheck. Although high earning individuals can put money towards some savings, not everyone has that opportunity.

Furthermore, reaching financial milestones such as your first home or maximizing your 401k requires enormous overhead before a flywheel effect can occur. To add to the difficulty, some milestones are becoming increasingly difficult to achieve over time. Wages aren’t keeping up with rising housing prices, while a 401k locks away your money until you’re 59 ½ years old. The funding required for just those two assets could take up the majority of an individual's paycheck. If so many people are worried about current expenses, how and when can they consider saving wealth for the next generation?

COMB is building tools to give individuals the flexibility to save and earn at the same time. Users have the ability to pull their savings in and out when needed, or simply stake their cryptocurrency to accrue more savings. By tapping into the flexibility that DeFi provides, users can expect to start using COMB with the expectation of generating daily interest, regardless of their starting principal amount. There are always unexpected expenses in life, and giving users the flexibility to control exactly when and where their money is allows saving and investing to create generational wealth much easier. Some of these tools include simplified strategies for yield farming and enabling auto-compounding, allowing users to automatically collect interest and reinvest it. Those who use COMB’s staking farms can expect to see around 30% APY, whereas those who continuously compound their interest over the course of a year can easily see 100%. Regardless of an individual’s savings strategy, both methods easily supersede the interest rates given by traditional savings bank accounts.

COMB is Democratizing Generational Wealth

One of the hardest aspects of any endeavor is establishing momentum and getting started. It’s much easier to achieve your financial goals if your savings are generating a return through interest rates that are at least higher than inflation. The COMB approach towards financial freedom and generational wealth stems from the “snowball effect”, focusing on building a platform with minimal barrier to entry so that all snowballs, big or small, can start their journey. Generational wealth isn’t solely about spending your entire life saving up for others after you, but to find ways to harness the maximum potential of the resources you have. It’s the ability to use that wealth to ensure you live your life to the fullest, while also enabling the next generation to have the privilege to do the same.

Future Initiatives

COMB plans to expand beyond the blockchain, working on creating mobile applications to allow users in the real world to transact with others. Most importantly, through this mobile application, we want to help individuals take their first step into decentralized finance. COMB not only wants to help those who are just beginning their financial journey, but also create a platform for those with untrustworthy banking or fiat systems in their own country.

Author Bio

Honson is a 25-year-old computer scientist focused on technologies that have the potential to augment the way we live our lives today. By day, Honson works at an AI startup focused on creating powerful tools to accelerate the adoption and performance of AI on the edge. By night, he heads operations at COMB. Honson first gained interest in blockchain after receiving a scholarship during his university days. Instead of using it to pay his school loans back, he took a chance at mining Ethereum when it was as low as $300. After looking deeper into blockchain technologies, Honson soon found himself in disruptive topics in blockchain, such as decentralized finance.