Here's what I do in my home: I've had the same easy-to-type WiFi password (it's a name and a four-digit year) since 2005 and I just tell my guests. It's not even a guest network. It's just my network. Free hugs in my house too.
I.e., treat the network as an extension of the Internet, that is, assume it's compromised. Since … it basically is, given the crap hardware ISPs foist upon people.