This 29-year-old millionaire doesn’t own a home — here’s how he spends and invests his money instead

Timothy Armoo, a co-founder and former CEO of influencer marketing firm Fanbytes, is not what you might expect from a multi-millionaire.

He doesn't own any mansions — or property at all — saying he prefers to spend some of his money on eclectic investments, ranging from exotic fruit businesses in Africa to funding the sale of a lithium mine.

Armoo made his money selling Fanbytes to digital marketing agency Brainlabs in May 2022 for an eight-figure sum (the exact amount has not been made public).

But the young entrepreneur told CNBC Make It that he felt "almost too crippled to spend the money" after growing up poor in public housing in south London.

Describing what he called a "scarcity mindset" that he developed growing up, Armoo said: "I was convinced that if I started to spend the money, it would all start to go."

"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."

Armoo knew he had to find a way to come to terms with the fact that he was now wealthy, and wasn't about to lose it all — so he called his bank. "I said: 'I would like to come and take out a million pounds in cash.'"

After various checks, Armoo collected the cash from the bank and took it home in a big bag. He then spread it all 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.

"So I