IRA Financial’s Adam Bergman discusses the NBA bubble and what we can take from it to our personal lives, including taking care of our family and saving for retirement.
Baseball is back, as is the NBA. Mr. Bergman talks about the NBA bubble and how they are doing it right. On the other hand, MLB is seeing widespread COVID-19, particular from the Miami Marlins and the St. Louis Cardinals. Why? Because certain players have decided to go out and have a good time. NBA players need to ask permission to leave the bubble…and are then quarantined when they return. This effectively has limited the players’ exposure to the virus. What can we learn from the NBA and the bubble they created/ Adam Bergman explains in his latest podcast.
Learn from the NBA Bubble
Quarantining players in the so-called NBA bubble has proven to be a great concept to allow the Americans some entertainment. A lot of the time, especially during difficult situations, people need an outlet. Sports has always been there. That is, until the coronavirus started cancelling everything from the NCAA tournament to the NBA and NHL seasons. As we’ve seen in recent weeks, sports are making a comeback.
Of course, the concept of the NBA bubble is not limited to basketball players. Most Americans are living in their own bubble, so to speak. The spread of the virus has been so rampant, most of us are required to stay home. Obviously, that’s not an ideal situations, especially for hard working Americans. Our daily lives have been disrupted, unemployment is through the roof and schools are up in the air.
Working from as proven pretty good for many of us, including Mr. Bergman. However, as a business owner with companies throughout Florida and South Dakota, he hasn’t had the opportunity to travel since the pandemic started. However, he has everything he needs at home. His wife, kids and dogs are with him. Groceries and other essentials can be delivered. Entertainment is there through television, video games and books.
The whole idea is to take care of, and provide for, family and friends. Right now, the best way is the NBA bubble-type of situation. Yes, we all miss going out to a restaurant, hitting the gym and going shopping. However, it’s not essential to get through the current situation.
Saving for Retirement
It’s vitally important to save for retirement. Obviously, during these times, it’s not easy for everyone. Due to government stimulus packages, taxes will go up – soon. Now may be the time to reevaluate your retirement savings. Because of low rates and distressed assets, now may be a great time to convert traditional funds to a Roth IRA. Pay lower taxes now and reap the benefits of tax-free wealth during retirement.
As Mr. Bergman always says, the retirement system works. Thanks to tax deferral and compounding interest, you can start saving now and build a nice nest egg for the future. Every little bit helps, even one dollar a day. We think everyone can still afford to save one dollar a day to put towards retirement. Again, every little bit helps. Let the NBA bubble show you that your own little family unit is all that really matters. Take care of them first. Retirement savings will help with that. Working hard and saving a bit for the future can help give your children a leg up in the crazy world.
Of course, this bubble won’t be here forever. But, let’s not be with one that pops it. Basketball season will end and the NBA bubble will go away. COVID-19 will eventually be under control, meaning we can all leave our bubble. Leaving it too soon may put the ones you love at needless risk.
Again, thanks for listening to the podcast. You can find all of our older episodes on our SoundCloud page. Plus, we’re also on iTunes and Spotify and all podcasts can be found on YouTube as well. Just search IRA Financial! Hope to see you next week!