Keke Palmer He recently focused on the financial lessons he learned when he filed for bankruptcy at age 18. At that time, she had already been in the entertainment industry for about nine years.
Palmer discussed the topic on October 12 during the Building Wealth Today for Tomorrow Financial Empowerment Summit.
See how Keke Palmer keeps her pockets in order
These days, as a 31-year-old mother who still works in entertainment, Keke has learned to live within her means. At the event held in Chicago, the actress shared that hiring a business manager when she was 12 “helped… immensely,” by AfroTech. Although the manager was helpful, the employee was not the ultimate solution, and she ultimately filed for bankruptcy between the ages of 18 and 19. The situation “scared” her, Keke said.
Asking yourself, “What went wrong?” Keke Palmer has decided not to let her financial situation fall like this again. Now your safety net lives not just within your means, but also below your means. And the multitalented woman follows her limits, even if it means sacrificing some of the glamor of her lifestyle, like luxurious cars and an exaggerated lifestyle.
“If I had $10,000 in the bank, my house would cost $500 a month. That’s what I mean, because I can probably afford something like $2,500, maybe, but I’m sinking,” Keke was quoted as saying. “Do you know why? Because I want to invest in my business.”
Keke added that investing in your business means material possessions can take a backseat. “Instead of wearing Gucci, I’m wearing Zara. I live in a good place. I drive a nice car, because my money is going elsewhere… I have a Toyota now in my garage,” she said.
Angel Reese recently spoke about financial difficulties
Keke’s message comes days before rookie WNBA player Angel Reese opens up about her financial troubles. Despite being a professional player, the Chicago Sky player admitted this week that her salary alone does not cover her expenses. His rent alone is about $8,000 a month, according to Reese, and his endorsement deals and other forms of income are what make up for what his salary doesn’t cover.
RELATED: Angel Reese Trends After Opening Up About Her WNBA Salary Not Enough to Cover Her Bills (WATCH)
What do you think, roommates?