Keke Palmer, known for her versatile career in acting, music, and hosting, recently revealed a surprising chapter of her financial journey. Speaking at the Building Wealth Today for Tomorrow Financial Empowerment Summit, Palmer shared that she filed for bankruptcy at just 18 years old, despite a booming career from a young age.
Reflecting on that period, Palmer admitted, “I was so spooked. I was like, ‘What went wrong?’” Although she had her parents and a business manager by her side since she was 12, she still found herself in financial trouble.
Now 31, Palmer has adopted a much more conservative approach to her finances. She explained how living well below her means has become a core strategy in managing her money. “If I got $10,000 in the bank, then my house would be $500 a month. That’s how under I mean,” she shared.
Keke Palmer Choosing Simplicity Over Flash
Palmer’s new mindset involves focusing on long-term investments and cutting back on material splurges. She highlighted that even though she could afford more luxurious items, she prefers to prioritize her business. “Instead of wearing Gucci, I’m wearing Zara,” she said. “I live in a good place. I don’t drive a cool car, ’cause my money is going elsewhere… I got a Toyota right now in my driveway.”
This philosophy has allowed her to maintain financial stability while pursuing her entrepreneurial endeavors. In 2022, Palmer launched KeyTV, a digital platform designed to uplift and support creators of color. “I wanna invest in my business,” she emphasized. Palmer has also diversified her income streams with ventures like her merchandise line and music projects.
Staying Grounded
For Palmer, living below her means is about ensuring she can continue to invest in what matters to her. “I wanna do what they showed me to do in action, which is give into our community,” Palmer said of her vision for KeyTV and her financial mindset.
Her story serves as a reminder of the importance of financial literacy, even for those who achieve success early in life.