Keke Palmer Reflects on Being Bankrupt at 18: 'Now I wear Zara, not Gucci'

Keke Palmer is one of the most successful celebrities in the industry. Beginning her acting career at just nine years old, she went on to experience almost immediate success with early roles in 2004's Barbershop 2: Back in Business and 2006's Akeelah and the Bee. Those opportunities eventually led to more accolades, including being the youngest person to ever host a talk show, multiple studio albums ,and her very own Nickelodeon show. Her more recent endeavors include landing a lead role in Jordan Peele's 2022 horror film Nope.

You would think her childhood bookings would have set a foundation for financial stability, though the singer and actress experienced much of the opposite.

In fact, at age 18, Palmer shockingly filed for bankruptcy. Though she had the help of involved parents and a financial advisor at the age of 12, she still ended up struggling.

She shared her story at the Building the Wealth Today for Tomorrow Financial Empowerment Summit, stating that the traumatic experience informed how she relates to her money today. In fact, Palmer openly lives way 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 got a Toyota right now in my driveway."

Her strategic saving has allotted her the ability to invest in her current endeavors, including her Baby, This is Keke Palmer podcast and KeyTV, her very own digital network that aims to spotlight diverse creators. The adjustment has seemingly paid off, as Palmer's current reported net worth is $7.5 million.