December 25, 2024

Timothy Armoo, co-founder and former CEO of Fanbytes.

Tim Armor.

Timothy Armoo, co-founder and former CEO of influencer marketing company Fanbytes, isn’t your idea of ​​a multimillionaire.

He owns no mansion or property and says he prefers to spend some of his money on eclectic investments, from an exotic fruit business in Africa to financing the sale of a lithium mine.

Armoo ​​made money in May 2022 by selling Fanbytes to digital marketing agency Brainlabs for an eight-figure sum that has not been disclosed.

But the young entrepreneur told CNBC Make It that after growing up in public housing in south London, he felt he “barely had any money to spend”.

“I was convinced that if I started spending money, everything would start disappearing,” Amo said, describing the so-called “scarcity mentality” he developed growing up.

“I track it every week, maybe twice a week,” he said. “I have a spreadsheet where I track how much money I have.”

Amo knew he had to find a way to accept the fact that he was now rich and didn’t want to lose everything – so he called the bank. “I said: ‘I want to come and get a million pounds in cash.'”

After many checks, Amo took the cash from the bank, put it into a big bag and took it home. Then he spread it all out on the bed.

“I just looked,” he said. “The reason I did it is I wanted to know deep down inside me: ‘Man, if all else fails, if you spend all your money gambling, or you spend your money on cryptocurrencies, or at least On something bad, you have a million pounds in cash.

A ‘Totally Exotic’ Investment

Armoo’s banana farm in Angola

Tim Armor.

He also admitted he was involved in “random things” and “alternative investments” such as buying uranium and financing the sale of lithium mines.

“I like finding different arbitrages and different cool ways to spend money and invest, rather than ‘let’s just throw all our money into index funds,'” he added.

Armoo ​​is a minimalist who doesn’t own a house

About The Author

Leave a Reply

Your email address will not be published. Required fields are marked *