Assisted Living with Gene Guarino

Gene Guarino, CFP and Founder of the Residential Assisted Living Academy is regarded as “the” expert in the residential senior housing space.

Not only is Gene a CFP, Certified Financial Planner, in the US for over 20 years and licensed in Australia for the past 7 years, he has also spoken to over 300,000 people in 5 countries live from the stage. In addition, Gene has written 4 books and hosted 3 radio shows of his own. 

Gene is a life long entrepreneur with 17 businesses over the past 39 years.

Welcome Gene!
So getting older is a fact of life.
[2:29] What do you look forward to when you hit the golden years?
·      Having Grandkids
·      Health
·      Being around family and friends

[3:47] What is assisted living?
·      Most people think of a big facility
·      Gene focuses on residential units with 24 hours care

[4:53] What are some of the things a family should look for in finding a good facility to put a loved one?
·      Caregivers themselves are the most important
·      Parent’s normally just want to be at home, don’t necessarily buy into the amenities.
·      Bigger facilities Caregiver ratio 1 to 25, vs assisted living 1 to 5.

[6:8] What are some red flags?
·      Tour, they’re expecting you
·      Come back unannounced and see the quality

[7:7] How much does it usually cost?
·      More than you realize.
·      The national average per Genworth- $3,750 on a national basis per month.
·      Gene focuses on private pay- $4-6k a month. Private insurance is the way to go.
·      Long term care insurance- LTC

[10:16] What are some different ways to pay for it?
·      Typically, insurance, however you can start a business where you actually buy the home yourself and setup a housing structure for your own family that they will pass on to you.

[11:27] Do caregivers live there?
·      Live in option, take care of the people yourself
·      Shiftwork

[12:19] What about food, is that covered in the price?
·      Yes, one price covers everything
·      Lots of “Big Box” facilities charge a cheaper base rate but then add on everything else

[15:47] What is a common struggle you see families make when making these decisions?
·      Typically, an event driven business, something happened.
·      At this point there’s a decision made as to how to handle the parent.

[18:16] What kind of resources do you provide to people interested?
·      Online & Home Study Course
·      Live trainings

[19:20] How does your pricing structure work?
·      Owns and operates home
·      People can invest- family legacy home
·      The academy teaches you how
·      Consulting available as well

Sponsors

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Value Link Round (VLR)

[20:53] Why do you think people fail at achieving their dreams?
·      People don’t have dreams anymore
·      Mind dump and figure out what you want

[21:56] Do you have any other podcasts or books to recommend?
·      The One Thing

[23:27] What is your favorite quote?
·      It’s better to be prepared and not given an opportunity than be giving an opportunity and not be prepared.

[23:41] Any last advice?
·      Do something you believe in