It is different today.
Olympic bronze medallist Nick Willis cannot afford to give up his sport.
Willis said the bronze medal he won at Beijing would enable him to pay off his mortgage.
"Reebok, his sponsor, has not done well with the runners they have been backing," Snell told the Otago Daily Times from Dallas this week, "Nick has come through for them."
Willis does not expect to have any financial worries for the next seven years and probably does not need to work at another job until he is aged 40.
There were few financial inducements when Snell won his three gold medals at the 1960 and 1964 Olympic Games.
"That's the way it was and we understood," Snell said.
"That's why I retired early. I had to get on with other things."
Snell admitted that his athletics career would have lasted longer if the financial rewards had been the same in his day.
"I remember thinking at the time that I was sick of running and wanted to do something else other than just train," Snell said.
But the financial incentives available today put a different perspective on things.
"Occasionally, I fantasise about winning the 800m again in Mexico City in 1968," Snell said.
"It's almost as if runners, like Willis, who reach that level cannot afford to retire. That is why John Walker hung on for so long. He saw it as a job. He kept running because it was so lucrative."
Snell said he did not have too many regrets about not competing at a time when there were big financial rewards for elite runners.
"Things have worked out well for me," Snell said.
"I'm in a job I like. I'm enjoying my life. I think I've got some balance.
"I'm comfortable with it and not at all envious. It took a bit of hard work to get where I am today, but I'm all right now."
What effect does he think Willis' medal win will have on New Zealand athletics?
"It will have a similar effect to that generated by Rod Dixon and John Walker when they won medals in the event at the 1972 and 1976 Olympics," Snell said.
"These track medals are the ones that create the interest.
"We have a good tradition in the 1500m. Nick has now fulfilled the promise he showed as teenager. It is a big boost for running in New Zealand."
Snell watched the video of Willis' race at his home in Dallas, in the United States.
He only heard Willis' name mentioned at the very end of the commentary.
"The commentators missed him so I don't feel too bad in not picking him for a medal myself," Snell said.
"I was thrilled that Nick did so well. He ran a perfect race and deserves a lot of accolades. I think it is harder now because of the talented Africans who are the outstanding runners. Nick is amongst them and did well."
How does Athletics New Zealand capitalise on Willis' success?
"A good start would be to capitalise on Nick's willingness to make a tour of the country," Snell said.
