Timothy Armoo, a co-founder and former CEO of influencer marketing firm Fanbytes, made a lucrative sale of the company to digital marketing agency Brainlabs in May 2022 for an eight-figure sum, although the exact amount has not been disclosed. Despite becoming wealthy through this sale, Armoo struggled with a “scarcity mindset” due to his upbringing in public housing in south London. This mindset led him to closely track his spending and be fearful of losing his newfound wealth. To confront this fear, Armoo withdrew a million pounds in cash from his bank and spread it out on his bed, making it a viscerally real reminder of his financial security.
Despite his wealth, Armoo describes himself as a minimalist who avoids traditional investments like real estate. Instead, he invests in index funds, stocks like Shopify and Cloudflare, and a variety of exotic ventures. Some of his more unconventional investments include funding businesses in Africa that supply supermarkets in Europe with avocados, soybeans, and mangoes, as well as buying uranium and supporting the sale of a lithium mine. Armoo enjoys the challenge of finding unique ways to invest and spend his money, rather than sticking to more typical avenues like index funds.
In terms of personal spending, Armoo chooses to forego owning a house and prefers to use businesses as his method of building wealth. He is not tied down by family commitments and appreciates the freedom that comes with not being attached to a large property. While he acknowledges that most people see property as a path to wealth, he believes that businesses offer him a more flexible and diverse investment portfolio. Armoo, who only spends about half the year in London, values the ability to travel and move around freely.
Armoo’s approach to wealth and spending is reflective of his mindset of questioning conventional norms. He encourages others, especially young millionaires, to critically examine the rules they live by and consider why they make certain choices. By challenging assumptions and societal expectations, individuals can ensure that they are living life on their own terms rather than following someone else’s prescribed path. Armoo’s willingness to reject traditional modes of investment and prioritize experiences over possessions highlights his belief in charting one’s own course and defining success on one’s own terms.
Despite his success, Armoo remains humble and aware of the importance of staying grounded. While he may indulge in the occasional luxury, such as first-class flights to Bali, he does not let material possessions define his worth or happiness. By maintaining a minimalist lifestyle and focusing on meaningful experiences rather than accumulating wealth for wealth’s sake, Armoo sets an example of living authentically and in alignment with one’s values. His story serves as a reminder that true wealth is not just measured in monetary terms, but in the richness of life experiences and the ability to live with intention and purpose.
