“I may take risks in life, but I will never risk my money, I use annuities and I never have to worry about my money.” — Babe Ruth
Babe Ruth is arguably baseball’s titan of titans. From pitcher to home run king, The Babe was a towering figure on and off the diamond. In his playing career, he amassed a sizeable fortune for the time. What you may not know is that Babe Ruth was not only the Sultan of Swat, he was also the Artist of Annuities.
Ok, I may have made that nickname up, but it makes it no less true.
Babe Ruth was a wise business leader with an eye for the future as keen as his eye for the ball. Starting in 1923, with an annuity acquisition from Equitable life Insurance Company (AXA Equitable), Ruth began his post-baseball savings plan. Over the next six years, The Babe sunk over half his salary, an estimated $35,000-$50,000 per year, into annuities. By creating an income stream off his baseball earnings, the icon cemented his family’s financial future well after the game past him.
By his retirement in 1935, Ruth amassed an additional fortune that extended his success on the field into gains over an entire lifetime. What’s amazing is that The Babe did this without any clear information about the impending Great Depression.
Though babe Ruth’s legacy is linked to baseball, he was a mammoth in other facets of life. Even if you can’t swing the bat like the Babe, you can take pointers on his finances.