Timothy Armoo, co-founder and ex-CEO of the influencer marketing platform Fanbytes, is a representative figure of a new wave of entrepreneurs who are reshaping the traditional concept of wealth management. Unlike the stereotype of a young millionaire, Timothy’s approach to wealth is refreshingly different; he defies expectations by neither flaunting luxuries nor adhering to conventional investment norms.
Growing up in public housing in south London, Armoo faced significant economic hardships that instilled a “scarcity mindset.” This term describes a mentality shaped by enduring challenges that lead individuals to fear wealth depletion. Even after selling Fanbytes to a digital marketing agency, Brainlabs, for a rumored eight-figure sum in 2022, Armoo felt suffocated by his newfound prosperity. He shared with CNBC Make It an almost paralyzing fear of spending, which manifested in meticulous tracking of his finances, down to the last penny.
“I was convinced that if I started to spend the money, it would all start to go,” he remarked, illustrating his internal struggle to reconcile his past poverty with his new status. To combat this urge to hoard his wealth, Armoo took a drastic step: he went to his bank and withdrew a million pounds in cash, an act designed to confront his anxieties head-on. By spreading the money out on his bed, he aimed to confront the reality of his financial situation and remind himself that he wasn’t going to lose everything overnight.
Timothy Armoo’s investment philosophy diverges from traditional avenues like real estate, which many wealthy individuals covet as a significant asset class. Armoo opts for a mix of safety and adventure, described as a dual approach to investing. On one hand, he allocates resources towards index funds, stable stocks, and government bonds, which represent his “safe bucket.” Conversely, his more exotic investments include financing agricultural projects across Africa, involving products like avocados and mangoes, showcasing his venture into alternative markets.
His interest lies not just in conventional investments but also in discovering unique arbitrage opportunities. From funding uranium projects to investing in lithium mines, his portfolio reflects a willingness to take calculated risks. Armoo highlights the thrill of these alternative investments, stating, “I enjoy the game of finding different arbitrages and different cool ways to spend and invest the money.” This approach fosters a dynamic engagement with his financial resources, starkly contrasting the static nature of traditional investment strategies.
While the majority of wealthy individuals view homeownership as an essential component of financial strategy, Armoo stands apart. He openly states that he does not possess any property, choosing instead to invest in businesses as a means of wealth generation. “I didn’t get involved in any residential property or any direct commercial property,” he explains. His distinct choices are driven by the recognition that lifestyle flexibility matters more to his current situation—particularly as someone without a familial commitment or substantial ties to a single location.
Armoo anticipates that more young millionaires might share his sentiments, favoring portable assets that allow for travel and a more fluid lifestyle. “I probably only spend maybe half the year in London,” he notes, suggesting a trend where personal experiences take precedence over accumulating fixed assets like homes.
Timothy Armoo’s ascension into entrepreneurship did not lead him on a path filled with ostentatious purchases. Instead, he describes himself as a minimalist, placing value on experiences over material wealth. His only notable expenditure—first-class tickets to Bali with his ex-girlfriend—reflects his belief in enjoying life without being weighed down by luxury possessions.
The minimalist approach can be seen as a broader lifestyle choice, allowing him to focus on growth and exploration rather than superficial displays of success. He encourages others to reconsider the established rules of wealth management, promoting a mindset shift towards personal values and the purpose behind each financial choice.
Timothy Armoo embodies a movement of young entrepreneurs redefining wealth through innovative thinking and non-traditional routes. By shunning typical real estate investments, embracing alternative financial opportunities, and maintaining a minimalist lifestyle, he challenges societal norms of what it means to be financially successful. His story serves as a compelling reminder that wealth is not just about accumulation but also about intentional living and the choices we make that align with our values and aspirations. Through his journey, Armoo encourages future millionaires to boldly question conventions and pave their own paths.