Timothy Armoo, is a co-founder and former CEO of influencer marketing firm Fanbytes. Interestingly, he is a multi-millionaire, who doesn’t own mansions — or properties.
As per Timothy, he likes to invest a portion of his cash on diverse investments, going from outlandish organic product organizations in Africa to financing the sale of a lithium mine.
The Ghanaian— who was born in London made his money selling Fanbytes to digital marketing agency Brainlabs in May 2022 for an eight-figure sum — which is undisclosed.
In a recent interview with CNBC news, the young business visionary said he felt “excessively disabled to spend the cash” after growing up poor in a public housing in south London.
Armoo said he was persuaded that if he began to spend the cash, it would all begin to go. Rather, he would prefer to track it every week.
He said,
“I would track it every week, maybe twice a week,” he said. “I had this spreadsheet where I would track to the penny how much I had.”
According to the 29-year-old mogul, he realized he needed to figure out how to deal with the fact that he was now rich, and wasn’t going to lose everything — so he called his bank.
‘I would like to come and take out a million pounds in cash.’, he said to his bank.
After that, Armoo went straight to the bank, took the cash and packed it in a big bag to the house. He then spread everything out over his bed.
“I just looked at it,” he said. “The reason I did that was that I wanted to make it very visceral to me that: ‘Dude, if all else fails, if you spend everything on gambling, or you spend it on crypto, or something bad, at the very least, you have a million pounds in cash.’”
Armoo said he invests his money in index funds — passive funds that track an index, such as the S&P 500 — and owns a variety of stocks including Shopify and Cloudflare.
He has two camps: one is the extremely safe bucket: index funds, overweight cash, bonds and guilt and treasuries. Then the opposite side of things is totally fascinating.
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Some of Armoo’s more unusual investments include financing avocado, soybean, and mango businesses in Kenya, Angola and Tanzania, which supply supermarkets in Europe.
He said, he also gets involved in “alternative investments” such as buying uranium and funding the sale of a lithium mine.
“I enjoy the game of finding different arbitrages and different cool ways to spend, and invest the money, as opposed to ‘we’re just going to put it all in index funds,’” he added.
“I actually don’t own a house. I didn’t get involved in any residential property or any direct commercial property,” he said.
“Most people see property as their way of building wealth, but I use businesses as my way of building wealth and I don’t have a family, I don’t have a partner now, so why?”
Armoo’s desire is for the more youthful tycoons to settle on the decision of dismissing owning properties, for having the option to travel and move around more. They also ought to chop down excessive spending.
“I’m generally quite a minimalist person,” he said. The one example he gave of a “flashy” purchase was first-class flights to Bali for him and his now ex-girlfriend. “That was cool. I remember thinking: ‘Yo, this is gangster.’”
