Award-winning actress Keke Palmer is a savvy entrepreneur, and she recently shared her financial philosophy that will inspire you. She speaks about living below one’s means, using her upbringing as an example. At only 33 years old, Palmer has established an impressive career. This year, she grossed more than $400,000 last year and still lives comfortably on a modest income. She reflects on her humble beginnings and the sacrifices her parents made for her dreams, highlighting how these experiences shaped her approach to money.
Palmer’s journey in the entertainment industry began early. She landed her first acting role at the age of 9 in Ice Cube’s film “Barbershop 2: Back in Business.” By the time she was 13, she had her own credit card—a badge of financial independence she earned at an early age. She first garnished acclaim as the titular star of Nickelodeon’s “True Jackson, VP.” By the time she was 15, her parents, who had once made $40,000 a year at their peak, were no longer out-earning their daughter.
While Palmer is financially successful, she doesn’t let that influence her approach to living within her means. She would need to continue paying $1,500 in rent—in cash payment terms—despite having millions in the bank. Her car note is $340 because she would rather drive a Lexus than a Bentley Bentayga.
Palmer credits her financial philosophy to her childhood. “My dad sacrificed his pension so that I can have an opportunity and achieve my dreams. My mom sacrificed all of her dreams so she could come along with me,” she said. This foundation gave her an acute sense of responsibility and gratitude.
In an age where the pace of change is unprecedented, Palmer urges youth, particularly young women, to arm themselves with knowledge of how economics works. Always ask questions, as it relates to that sort of nonsense, on all of this, she urged. You don’t want to live on the defensive and play only to survive. She wants everyone to be able to make informed decisions with their money instead of being caught off-guard by life’s challenges.
Palmer notes the importance of community and mentorship. “What’s mine is theirs, and what’s theirs is mine,” she said. I’d be more than willing to trade 20 additional years of my life in this business just to make sure we’re able to continue operating the successful enterprise that we are proud of right now. This thinking fuels her drive to see herself succeed, but even more so, to see people like her succeed.
Palmer now divides her time between living in Dubai and running her other business ventures as a CEO. Her dedication to financial prudence and community support serves as an inspiration for many seeking guidance in today’s economic landscape.