Keke Palmer shared her journey to financial responsibility after filing for bankruptcy at the age of 18.
The multi-talented actress and singer has always been an open book about her life, including the challenges she faced early on in her career. Recently, she revealed a pivotal moment that shaped her financial perspective: going bankrupt at just 18 years old!
The Illinois native, born in Harvey but raised in Robbins, began acting at the age of nine. She landed her iconic role in “Akeelah and the Bee” (2006) after appearing in “Madea’s Family Reunion” (2006) and “Barbershop 2: Back in Business” (2004).
At a young age, Keke Palmer was already making waves in Hollywood, starring in films and television shows that showcased her incredible talent. However, the pressures of the entertainment industry and the financial responsibilities that come with it took a toll on her.
Despite the advice of a business manager at 12 years, Keke Palmer still found herself in financial trouble. She filed for bankruptcy between the ages of 18 and 19.
“I was so spooked. I was like, ‘What went wrong?'” she shared during the Building Wealth Today for Tomorrow Financial Empowerment Summit held on October 12, 2024, at the UIC Forum in Chicago.
After losing it all before her 21st birthday, Keke Palmer decided to start living well below her means. Now, at age 31 and mother to her 1-year-old son Leo, the former child star knows firsthand the value of a dollar.
“If I got $10,000 in the bank, then my house would be $500 a month. That’s how under, I mean, because I can probably afford something $2,500 maybe, but I’m going way under,” she explained. “You know why? Because I wanna invest in my business.”
She continued, “So if I wanna invest in my business, then the material things that I’m having currently might have to take a short back. Instead of wearing Gucci, I’m 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.”
Earlier this year, Palmer discussed her hectic work schedule and how she refuses to let her financial success define who she is.
