*In the wake of news of WNBA star Angel Reese living beyond her means, come news of actress/singer Keke Palmer who now knows the value of a dollar after filing for bankruptcy at a young age.
Reminiscing over the situation, the “Nope” star, who was between 18 and 19 when she filed, shared how she felt overdoing something she didn’t think about doing, especially with having a business manager around to keep her outside of that realm.
“I was so spooked. I was like ‘What went wrong?’” Palmer recalled while speaking on the main stage during the Building Wealth Today for Tomorrow Financial Empowerment Summit in Chicago, Il.
Prior to filing for bankruptcy, Palmer enjoyed a good run as a child star after making her big screen debut at the age of 9 with 2004’s “Barbershop 2: Back in Business.” Two years later, the Illinois native was featured in “Madea’s Family Reunion” followed by her first lead role in the 2006 film “Akeelah and the Bee,” US Weekly noted.
Although the entertainment industry can be a challenge to navigate, Palmer’s parents provided solid support through the good and bad as well as hired a business manager for her when she was 12.
“That has helped me immensely,” Palmer told those who attended the summit, which was held at the UIC Forum.
Still, a business manager’s guidance did not prevent the entertainer from financial issues that resulted in her bankruptcy. After coming out of the experience Palmer made it her business to avoid a repeat with her decision to live well below her means as a safety net, according to Afrotech.
“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,” the former “True Jackson, VP” fixture explained. “You know why? Because I wanna invest in my business.
Keke adds: “So if I wanna invest in my business, then the material things that I have 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.”
As proof of her vow to invest in herself, Palmer launched her digital network KeyTV in 2022. The platform, which includes the current series “Bosses” and “DivaGurl,” was created with the intent of being a creative hub and platform for people of color.
“KeyTV is an extension of the things that I grew up seeing. And I just wanna add on that,” Palmer told summit goers. “I wanna do what they showed me to do in action, which is give into our community, pour into our community,” she expressed.
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