Keke Palmer Learned Money Management After Being ‘Spooked’ By Bankruptcy At 18, ‘Instead Of Wearing Gucci, I’m Wearing Zara’

Keke Palmer is recalling how "spooked" she was by going bankrupt at 18 years old.

Keke Palmer is opening up about how much her bankruptcy filing at 18 years old changed the way she spends money.

The Nope star appeared in many films during her childhood including Barbershop 2: Back in Business, Madea’s Family Reunion, and her breakout role in Akeelah and the Bee. However, Palmer found herself broke and forced into bankruptcy while still a teenager.

“I was so spooked. I was like ‘What went wrong?,’” she shared during the Building Wealth Today for Tomorrow Financial Empowerment Summit held on Oct. 12, 2024, at the UIC Forum in Chicago, as captured by AfroTech.

Now, at age 31 and mother to her 1-year-old son Leo, Palmer knows firsthand the value of a dollar. After losing it all before her 21st birthday, the former child star turned flourishing TV and film star decided to start living well below her means.

“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.”

Earlier this year, Palmer opened up about her busy work schedule and how she refuses to let her financial success define her.

“I 100% feel like money doesn’t buy you happiness. I’m not always happy because of my money,” she told Teen Vogue. “But the [financial] security I have with my son is a stress reliever. I’m not saying that a mom that is struggling isn’t patient, because I know that they are. But if they’re not, it’s like, ‘I get it, Miss Lady ….’”

She continued, “So, when I look at the position that I’m in and the kind of parent that I am or that I’m becoming, I think it’s remiss [not] to say that I have a lot of help.”