Keke Palmer Reflects on Filing for Bankruptcy at 18: “I Live Below My Means to Invest in My Future”

Keke Palmer is one to speak the truth, and this new revelation just shows one other very important thing in life: financial literacy. In a candid conversation at the Building Wealth Today for Tomorrow Financial Empowerment Summit, the actress and singer shared a number that left her audience in shock-that she had been declared bankrupt upon turning 18. Of course, Palmer had happened to find early success in Hollywood.

“I had a business manager since I was 12, so we thought we were doing everything right,” Palmer said. Filing for bankruptcy was a shock that “spooked” her and made her reevaluate how she approached her finances. Now, looking on to see what went wrong, Palmer emphasized that her situation was a wake-up call: “I asked myself, ‘What did I miss? How did I get here?'”

She vowed never to let that happen again and promptly became an evangelist for living below her means even as her career started to flower. Today, instead of designer brands and upscale lifestyles, Palmer is all about investing in herself and in her businesses.

I’m not wearing Gucci, I’m wearing Zara,” she said at the summit. “I live in a good place. I drive a cool car ’cause my money is going elsewhere. I got a Toyota in my driveway right now.”.

It is a reminder from Palmer’s story that even the most celebrated have to make sure money is handled with care. She talks about her past mistakes because long-term financial planning and living within one’s means are important.