This wealthy individual at the age of 29 doesn't own a house; instead, he shares how he allocates and invests his funds.

Fanbytes co-founder and former CEO Timothy Armoo does not fit the stereotype of a multi-millionaire.

He doesn't own any mansions or property, stating that he prefers to invest in unique ventures, such as exotic fruit businesses in Africa and funding the sale of a lithium mine.

In May 2022, Brainlabs purchased Fanbytes from digital marketing agency Armoo for an eight-figure sum, although the exact amount has not been disclosed.

The young entrepreneur admitted to CNBC Make It that he felt "almost paralyzed to spend the money" after growing up in poverty in south London's public housing.

Armoo stated that he had a "scarcity mindset" due to his upbringing, believing that if he spent money, it would all disappear.

"He stated that he would track it weekly or twice a week, and he had a spreadsheet to track his expenses down to the cent."

To accept his newfound wealth, Armoo contacted his bank and requested a withdrawal of one million pounds in cash.

Armoo took the cash from the bank and placed it on his bed.

"I wanted to make it clear to myself that if I spent all my money on gambling, crypto, or something else and it failed, I would still have a million pounds in cash."

'Completely exotic' investments

Armoo revealed that he invests in index funds, which are passive funds that follow an index, such as the S&P 500, and owns a diverse range of stocks, including Shopify and Cloudflare.

"I have two camps: one is the safe side with index funds, overweight cash, bonds, and guilt and treasuries, and the other is the exotic side."

Armoo's unconventional investments include funding avocado, soybean, and mango businesses in Kenya, Angola, and Tanzania, which supply supermarkets in Europe.

He also confessed to engaging in "random activities" and "unconventional investments," including purchasing uranium and supporting the sale of a lithium mine.

He stated that he preferred finding unique arbitrages and creative ways to invest his money rather than simply putting it all into index funds.

Armoo is a minimalist and doesn't own a house

Most wealthy people love to invest in real estate, but not Armoo.

He stated that he does not own a house and did not engage in any residential or commercial property.

"While many individuals view real estate as a means of accumulating wealth, I personally utilize businesses as my path to financial growth. Additionally, I am currently single and do not have a partner, which leads me to question the necessity of having a family or partner in building wealth."

Armoo predicts that more young millionaires will choose to prioritize travel and flexibility over owning property, as he explained, "I probably only spend half my time in London."

And unlike his peers, he's less inclined to buy extravagant things.

"He stated that he is generally a minimalist individual. However, he mentioned one instance of a "flashy" purchase, which was first-class flights to Bali for him and his ex-girlfriend. He recalled thinking, "Wow, that's cool. This must be what it means to be a gangster.""

Sometimes, it's good to reject the traditional way of doing things, emphasized the young millionaire.

He emphasized the importance of examining the rules that govern our lives and questioning why we make certain choices, such as our career and financial investments.

"Examining those rules is crucial, as failing to do so may result in living your life according to someone else's guidelines."