Is owning a Residential Assisted Living home and business a lot of work?
Residential Assisted Living isn’t easy, but it’s worth it. You know, a lot people say “that sounds like a lot of work with all of the paperwork, documentation, licensing and employees” and so on. And you know what? It does take work. But you’re going to work at something. You’re going to get good at something. The question is what? And what are you willing to do in order to get the return that you say you want?
When I ask people what do you want, they say financial freedom, and it always boils down to the time. How much time they have for themselves versus what they’re putting into making money.
How much time will I spend working?
Now, if you could create a business where you’re making all the money you need to pay your bills, so you can do whatever you want with the rest of your time, would it be worth doing what it takes? It will take time and effort in the beginning without a question. The question is, “is it worth the time and the effort”? Right now a lot of you are working harder than I am. You’re working 60 or 80 hours a week doing a job that you hate, and you’re working for somebody else. They’re hoping that you’re going to stick around long enough so their dreams become a reality and not necessarily yours.
10,000 hours is what they say it takes to become an expert at something. What are you going to invest the next 10,000 hours in? You could have a business where all of your bills are taken care of, all of the income that you need is being provided for you. And your investment of time after you’re up and running is maybe five or 10 hours a week. Is that worth your next 10,000 hours? That is the question.
Could my family live in my RAL home when they need the help?
Maybe you’re saying, if I just had one of these homes, I could move in and live for free. Your mom or dad could move in and live for free. As a matter of fact, you can move them all in. If you have just one home, not only would it provide the income for you, so you are financially free, but now when mom or dad need that help or an aunt or an uncle need that help, it’s not a burden on the whole family.
As matter of fact, if they, or you, have long-term care insurance, and they’re moving into the assisted living home that you created, you can now bill the insurance company for that long-term care. It’s not medical insurance, Medicaid, or Medicare. It’s an insurance policy that pays for seniors to live in an assisted living facility or RAL home. So just by having the home, that would allow them to charge the insurance company that $9,000 a month that they would have paid to somebody else to live in their home, potentially giving them inferior service.
I guarantee you’re going to get involved in assisted living one way or the other, either the real estate, the business or both, or you or a loved one may be living in somebody else’s home, writing them a check. The choice is yours right now, but it’s up to you to get started.
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