(Photo by Justin Sullivan/Getty Images)
Keke Palmer recently kept it 100 about the financial lessons she learned from filing for bankruptcy at 18 years old. By then, she had been in the entertainment industry for about nine years.
Palmer discussed the topic on Oct. 12 during the Building Wealth Today for Tomorrow Financial Empowerment Summit.
These days, as a 31-year-old mother still working in entertainment, Keke has learned to live within her means. At the Chicago-based event, the actress shared that hiring a business manager when she was 12 years old “helped…immensely,” per AfroTech. While the manager helped, the employee wasn’t the end-all, be-all solution, and ultimately, she filed for bankruptcy between the ages of 18 and 19. The situation “spooked” her, Keke said.
Asking herself, “What went wrong?” Keke Palmer decided not to let her financial status dip like that again. Now, her safety net is living not only within but below her means. And the multi-talent sticks to her boundaries, even if that means sacrificing some lifestyle glamour such as luxury cars and over-the-top living.
“If I got $10,000 in the bank, then my house would be $500 a month. Thats how under I mean, because I can probably afford something $2,500 maybe, but Im going way under,” Keke reportedly said. “You know why? Because I wanna invest in my business.”
Keke added that investing in her business means the material things might have to take a backseat. “Instead of wearing Gucci, Im wearing Zara. I live in a good place. I drive a cool car, ’cause my money is going elsewhere I got a Toyota right now in my driveway,” she said.
Keke’s message comes days before rookie WNBA player Angel Reese opened up about her financial woes. Despite being a pro-baller, the Chicago Sky player admitted this week that her salary alone doesn’t cover her expenses. Her rent alone is about $8,000 a month, per Reese, and her endorsement deals and other forms of income are what make up for what her salary doesn’t cover.
