This 29-Year-Old Sold His Company For Millions, Still Chooses Not To Own A Home

The co-founder and former CEO of Fanbytes does not conform to the conventional image of a multimillionaire businessperson. Instead of accumulating wealth or real estate, Timothy Armoo takes great delight in his minimalist lifestyle. He only ever made one ‘flashy’ purchase: first-class tickets to Bali for himself and his now ex-girlfriend. In May 2022, the 29-year-old earned his fortune by selling the business for an eight-figure sum to digital marketing agency Brainlabs.

Having grown up in public housing in south London, Armoo claimed that he felt ‘almost too crippled to spend the money’ in an interview with CNBC Make It. Armoo described his upbringing in terms of a ‘scarcity mindset’, saying, “I was convinced that if I started to spend the money, it would all start to go.”

According to what he told the outlet, he kept a ‘spreadsheet’ on which he recorded every pound he spent. Armoo contacted his bank because he realised he needed to find an approach to accept the reality that he was affluent and wasn’t going to lose it all. “I said: ‘I would like to come and take out a million pounds in cash’,” he added.

Armoo reportedly got the money from the bank after a number of checks, brought it home in a large bag and laid it all out on his bed. He subsequently persuaded himself that he would still have a million pounds in cash even if he ended up losing every penny.

Unlike his peers, Armoo admitted to being a minimalist and dislikes making expensive purchases. He told CNBC Make It, “I’m generally quite a minimalist person.” Furthermore, he is not interested in real estate investing, in contrast to his associates. “I actually don’t own a house. I didn’t get involved in any residential property or any direct commercial property,” he told the publication.

The man continued by saying that while most people view real estate as a means of accumulating money, he acknowledges that he has done so through enterprises. Armoo noted that since he is single, he doesn’t feel the need to own a home. The young millionaire splits his funds between two buckets, one ‘completely exotic’ and the other ‘extremely safe’.

Armoo holds a range of equities, such as Shopify and Cloudflare, and invests in index funds. Among his ‘exotic’ ventures are companies in Tanzania, Kenya and Angola that grow and distribute avocados, soybeans and mangoes to European shops. Along with financing the acquisition of a lithium mine, he has additionally been purchasing uranium.