Keke Palmer is more wise with her earnings after filing for bankruptcy in her early adult years.
The Illinois native, born in Harvey but raised in Robbins, entered into the industry as an actor at the tender age of 9 years old. She snagged her first role in the film “Barbershop 2: Back in Business” (2004) and was later featured in “Madea’s Family Reunion” (2006) as Nikki before landing her first lead role in “Akeelah and the Bee” (2006), reports US Weekly.
For many child stars, navigating the industry is a journey, and Palmer had the backing of her parents throughout the highs and lows. They took the step of hiring a business manager when she was 12.
“That has helped me immensely,” she said during the Building Wealth Today for Tomorrow Financial Empowerment Summit held on Oct. 12, 2024, at the UIC Forum in Chicago, IL.
Despite the guidance of a business manager, Palmer still found herself in financial troubles. When she was between 18 and 19 years old, she filed for bankruptcy.
“I was so spooked. I was like ‘What went wrong?,’” she recalled on the summit’s main stage.
Palmer has since made a firm decision to avoid that kind of predicament in the future, choosing to live well below her means as a safety net.
“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. 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.”
Some of Palmer’s money moves of late include KeyTV, a digital network Palmer launched in 2022, designed to be a creative hub and platform for people of color. As AFROTECH™ previously told you, Palmer took “a real bet” by self-investing into the platform.
Current series on the platform includes “Bosses” and “DivaGurl.”
“KeyTV is an extension of the things that I grew up seeing. And I just wanna add on that. I wanna do what they showed me to do in action, which is give into our community, pour into our community,” she expressed at the summit.
