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!
[2:58] So getting older is a fact of life. What do you look forward to when you hit the golden years?
· Having Grandkids
· Health
· Being around family and friends
[4:16] What is assisted living?
· Most people think of a big facility
· Gene focuses on residential units with 24 hours care
[5:22] 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.
[6:37] What are some red flags?
· Tour, they’re expecting you
· Come back unannounced and see the quality
[7:36] 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
[10:45] 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.
[11:56] Do caregivers live there?
· Live in option, take care of the people yourself
· Shiftwork
[12:48] 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
[16:16] 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.
[18:45] What kind of resources do you provide to people interested?
· Online & Home Study Course
· Live trainings
[19:49] 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
Sponsor
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Value Link Round
[21:22] Why do you think people fail at achieving their dreams?
· People don’t have dreams anymore
· Mind dump and figure out what you want
[22:25] Do you have any other podcasts or books to recommend?
· The One Thing
[23:56] 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.
[24:10] Any last advice?
· Do something you believe in
