E49 – Gene Guarino from Residential Assisted Living Academy

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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!

[2:29] 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

[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

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[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

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Chain of Wealth

The Chain of Wealth podcast is a biweekly podcast boasting over 500,000 downloads. We interview inspirational guests about money topics. You can learn more about us here.

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