Introducing Residential Assisted Living to Millennials Masterminds
At every turn, people seem to be talking about the millennial generation. Now, the residential assisted living industry is maneuvering into the discussion. Depending on who’s creating the narrative, millennials might be blamed for everything that’s wrong with the world, or, on the other hand, praised as the masterminds behind our tech savvy society. Pointing the blame for everything bad on 83.5 million Millennials, born between 1980 and 2000, is a tainted and misdirected theory.
The truth is, there are some serious similarities between millennials, Gen-Xers and baby boomers. In terms of life goals, every generation wants good schools, safe neighborhoods and the best quality of life possible for their families.
In addition to the financial burden of exceedingly high student loans, some millennials are now shouldering the load of caring for the elderly. Millennials can use residential assisted living to redirect the difficulties of caring for the aging with a promising path. This generation will make decisions for the 76 million baby boomers born between 1946-1964.
The math is simple.
This means, baby boomers will retire over the next 20-year period.
- Everyday, 10,000 Baby Boomers are turning age 65.
- 4000 seniors are turning 85.
These millennials feel forced to come up with creative ways to financially care for the needs of their elderly loved ones.
Residential assisted living is an option that will save money, while providing a safe environment, comfortable living and a quality level of care.
Ultimately, the concept is already proven to work well, and Millennials are able to use it to make money while helping their elderly family members.
Don’t count caring for others as a loss.
Millennial Research Reveals the Future Senior Living
With aging parents, according to a 2018 AARP Public Policy Institute report, more than 6.2 million Millennials are already acting as caregivers for a parent, in-law or grandparent.
For this generation, the hitch is heavier – cost of living is higher, student loan debt is deeper, and the cost of caring for aging family members demands more income.
In addition to student loans, rising rent and housing expenses, high health insurance premiums and increasing childcare costs makes Millennial lifestyles pricey.
Currently, millions have the added responsibility of caring for aging parents, and this number will only increase. This is because caregivers are becoming younger. Despite the narrative that Millennials are irresponsible, they are undeniably navigating the financial burden of accountable caregiving.
The average cost of a private room in a big box nursing home is $8,365 monthly, according to a survey commissioned by Genworth Financial.
The same survey shows how residential assisted living homes are only and average of $4000 per month.
Residential assisted living is a better alternative than the standard big-box senior living facilities.
Assisted living homes are more affordable options that offer comfortable and home-like settings for seniors.
They foster the kind of environments that the majority of senior adults actually prefer.
For years, Millennials only knew about the option of nursing homes, but residential assisted living homes make the burdens lighter.
Caring for elders can be burdensome — especially for Millennials already lugging the load of higher living costs. However, research reveals that residential assisted living is a more affordable and comfortable model to senior living.
Living in a smaller residential home with a smaller group of senior is what most senior prefer, instead of the big box out-patient hospital style facility.
Entrepreneurial Minds at Work
The strain of caring for aging parents makes financial struggles even more challenging for Millennials.
However, there is a way to approach senior living as a money maker, instead of an annual loss.
In a competitive workforce, the Residential Assisted Living Academy can teach how to pave your own lane and acquire financial freedom, all while caring for the needs of your elderly family.
You don’t have to miss a beat.
Learn from A-Z how to start your own RAL business and generate a significant cash flow for decades.
Residential assisted living has emerged as a $16 billion revenue generating industry. The model is already working for countless RAL home owners across the country.
Millennials aren’t that different from everybody else, especially entrepreneurs. This is your opportunity to stop struggling to help your elderly family members and start your career as an entrepreneur.
Contact www.RALacademy.com to learn more about how to get started on this amazing journey of doing good while doing well.