Ty Cobb: The First Millionaire in Professional Sports

By: David Thoreau

Detroit Tiger outfielder Ty Cobb was one of the best players in the history of baseball. Cobb belted more hits, stole more bases, and blasted more runs than any other baseball player. Cobb is still the only player with two 35-game hitting streaks. In 1936, Cobb received the most votes of any player for the 1936 inaugural ballot for the Baseball Hall of Fame. Cobb became the first ballplayer inducted into the Baseball Hall of Fame and the first professional athlete to become a millionaire.

Ty Cobb was a consistent investor in the stock market. Cobb bought between five hundred and fifteen hundred shares of stock at least twice a week. While living in the wealthy city of Atherton, California, Cobb invested in the stock market through the San Francisco brokerage houses of E. A. Pierce and Schwabacher and Company. Cobb made regular investments of up to $14,500. Cobb explained that he considered stocks as long-term investments. Cobb advised investors to "know what you're buying, then stay with it. Don't buy today and pull out tomorrow."

On the advise of a friend, Ty Cobb invested in a new company based in Atlanta, Georgia known as Coca-Cola. Cobb became a major shareholder in the Coca-Cola Company. Cobb earned over $4 million from his investments in Coca-Cola. Assuming reinvestment of stock dividends, Cobb's initial investment in Coca-Cola would be worth over $1.6 billion in today's dollars. Cobb was also a generous philanthropist. He made several very generous philanthropic contributions with his great wealth, including the Cobb Educational Fund, which awarded scholarships to impoverished students in Georgia who needed financial support for a college education.

The riveting book "Money Secrets of the Rich and Famous" describes Ty Cobb's amazing financial journey. The man who set more baseball records than any other player is also remembered as one of the most successful businessmen in the history of sports.

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Go toFamous-Celebrity-Autographs.com to view checks signed by Ty Cobb and other famous people. Go toMoney Secrets of the Rich and Famous,for a revealing financial biography book about Ty Cobb and other famous people, that is illustrated with their autographed checks.

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