'I think it'd be valuable and great introduction in getting them interested in how that money will work for them over the long term,' former NFL defensive end Patrick Kerney says.
The push to compensate athletes has increased as college sports has grown into the multibillion-dollar industry it is today.from Sen. Chris Murphy, a Democrat from Connecticut. That figure was $4 billion in 2003, according to the report, which is based on Department of Education data.
Kerney's suggestion that college athletes be compensated through a 401 mirrors the financial advice he gives to professional athletes. He said learning about the importance of saving for the future is critical. Kerney said he also encourages players to find a trusted financial advisor. "I just want them to recognize early in their careers how to leverage this opportunity into what it really should be, historically for our fraternity and for them moving forward," Kerney said.
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