Dallas Maverick owner Mark Cuban posts frequently on basketball, technology, media, and business on his personal blog, BlogMaverick.com. His post on April 9th asks whether 18 or 19 year-olds are ready for the personal, financial, and business decisions that go along with their new career.
From the perspective of an NBA owner, maturity is far harder to qualify than talent. Can he manage the personal side of his life ?
Can he deal with all the obligations that come with living on your own, and being in a job that requires you traveling more often than not ?
Does he have an understanding of financial principals ? To a 19 year old kid without financial training, a million dollar contract makes him a millionaire. There is no concept that 50pct goes to taxes and that by the time he pays his bills, he has a great job, that pays great money, but he isn't at a level that allows him to spend without limit. Unfortunately, there are far too many agents that won't have the tough love conversations with their clients until its too late.
Read the full post here.