Although Cobb never earned more than a $40,000 annual salary as a baseball player, his fierce competitiveness carried over to his business affairs, and his shrewd investments made him a multimillionaire by the time he was 40. One of his many investments that contributed to his early success was the purchase of stocks in a little-known Southern beverage company called Coca-Cola. Cobb's financial prosperity eventually allowed him to contribute to two causes that now benefit thousands of Georgians each year.
In 1953, Cobb created a scholarship fund that would provide scholarships for needy Georgia students. The Cobb Educational foundation awards 100 or more grants ranging from $150 to $20,000 each year. In 1996-97, Cobb's scholarship fund distributed more than $475,000. As of July 2013, the scholarship funds awarded totaled $14,662,760 and have helped 8,862 Georgians with College funding.
In 1950, Cobb Memorial Hospital was dedicated in Royston, Georgia as the result of a donation of $100,000 given by Ty Cobb in memory of his parents.
Over the years, the hospital has grown into the Ty Cobb Healthcare System consisting of hospitals, convalescent centers, and health services that employ 778 people and provide much needed health care to the rural areas of Northeast Georgia.