Keke Palmer Talks Living Below Her Means After Filing For Bankruptcy At 18 Y.O.

Although Keke Palmer has been booked and busy from a young age—with acting credits including Barbershop 2: Back in Business, Madea’s Family Reunion and Akeelah and the Bee—she recently opened up about learning money management in her early adulthood.

While speaking at the Building Wealth Today for Tomorrow Financial Empowerment Summit on Oct. 12, the 31-year-old shared how she came into financial issues early in her career — despite having her parents and a business manager at 12-years-old. Deciding to take her financial woes into her own hands, Palmer admitted to filing for bankruptcy at 18-years-old.

“I was so spooked. I was like, ‘What went wrong?’” she recalled before sharing how she now lives her life “below” her means. “If I got $10,000 in the bank, then my house would be $500 a month,” she explained. “That’s how under I mean, because I can probably afford something $2,500 maybe, but I’m going way under. You know why? Because I wanna invest in my business.”

She continued, “Instead of wearing Gucci, I’m wearing Zara. 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.”

Palmer definitely has multiple streams of revenue to provide for herself, including her KeyTV network, which she launched in 2022 to provide a creative outlet for people of color. She’s also invested in her own merch line with Wondery, has hosted shows, and is making music. Nonetheless, Keke Palmer is a smart boss!

Check out Palmer speaking on her financial epiphany above.