He attended Sunset High School where he was a standout athlete and student. After high school, Folsom attended The United States Military Academy in West Point, New York where he played football and basketball for the Cadets. President Truman attended the game against Navy.
His power base was in Dallas" business establishment. During his time at the Academy, Folsom played in two "Games of the Century" 1945 versus Navy and 1946 versus Notre Dame.
Playing against Michigan in Yankee Stadium in 1945, Folsom caught a touchdown pass.
During his time at Army, Folsom was apart of two national championship teams. After two years at West Point, Folsom transferred back to his hometown University, Southern Methodist University.
He is also one of the only college football players to have played alongside three Heisman Trophy Winners (Glenn Davis, Doc Blanchard, and Doak Walker), as well against two others, (Johnny Lujack and Leon Hart)
Business Folsom is a "legendary investor and developer..who built a fortune as a master of real estate" He chairs the board of directors of real estate development firm Folsom Properties, Incorporated. Since the early 1980s he has served on the boards of directors of BeautiControl Cosmetics, Incorporated. and Alcatel United States of America, Incorporated.
(formerly Distinguished Service Cross Communications Corporation).
He also serves on the board of the Cox School of Business at Southern Methodist University. He was also Chairman of the Board of Trustees of the Dallas Independent School District and Chairman of the Board of Methodist Hospital of Dallas. He received the Hugh Prather Award for his real estate leadership and the Oak Cliff Lions Club Humanitarian Award for Service to his community.
Folsom served as mayor from 1976-1980.
During his time, he headed up several successful projects including: the tollway, Reunion Arena, and the Dallas Arts District.