Actress-turned-businesswoman Keke Palmer’s financial journey from childhood stardom to bankruptcy at 18, and her subsequent bounce-back into a savvy entrepreneur, is a tale of resilience for creatives with an enterprising spirit.
Which is why she was selected as a speaker at a business conference in her hometown.
Money Lessons
While speaking at the “Building Wealth Today for Tomorrow Financial Empowerment Summit” in Chicago on October 12 Palmer detailed the roller coaster ride she has experienced with her finances, which has now paved the way for her to secure generational wealth for her son.
According to Palmer recounted, her Hollywood journey began early when she landed her first role in “Barbershop 2: Back in Business” at the age of 10. By the time she was a pre-teen, she had become the financial backbone for her entire family, as her parents quit their jobs to support her career.
Reflecting on this responsibility in 2023, Palmer shared in an Instagram post, “Due to traveling and scheduling both of my parents had to stop working to support my career and be present for my three siblings, leaving me with the financial responsibility around age 12.”
Adding, “I took great pride in because I knew what it would do for generations to come and a huge blessing that I could even help out.”
She said that taking the financial lead, a story that many child stars like Michael Jackson, Gary Coleman and others have said, caused her “a lot of pain” leaving her longing for the stuff she missed.
While she cherished the opportunity to provide for her family, the weight of that responsibility at such a young age came at a personal cost.
Palmer explained, “I essentially had to abandon my childhood feelings and desires, becoming like a parentalized child, which is something some of you can probably relate to in your own way.”
But at the October conference, she explained that while she did the best that she could, working to earn the big bucks, she fell upon hard times because the financial adviser and her team did not dot every “i” and cross every “t.”
Despite having a business manager hired by her parents at 12, Palmer found herself filing for bankruptcy in her late teens.
“I was so spooked. I was like ‘What went wrong?’” she recounted from the main stage at the summit.
However, this moment of vulnerability became a turning point in Palmer’s financial journey.
With lessons learned from her bankruptcy, Palmer shifted her mindset about money, adopting a frugal approach to her lifestyle.
The actress emphasized her strategy of living well below her means, ensuring she always has a financial cushion for emergencies and investments.
“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 at the conference.
Palmer’s approach demonstrates her dedication to financial security, allowing her to prioritize business investments over material indulgences.
“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,” the 31-year-old said.
A pivotal moment in Palmer’s financial maturity came with the birth of her son, Leodis “Leo” Andrellton. Motherhood has reshaped her perspective on money, with a focus on creating lasting wealth for her family.
“Overall, it’s just made me think about how to really make smart choices on where I’m putting my money,” she told People in March 2024. Adding, “In terms of investments or property and just the kind of home I want to have, or what’s best for my son… I’ve never wanted to be afraid of money and let money control me.”
Palmer’s new, cautious approach to wealth has unlocked multiple opportunities, each positioning her to build generational wealth for her son. During the ADWEEK 2024 Brand Genius conference, she announced her appointment as Crème of Nature’s first-ever chief brand officer.
In her role, Palmer is both the face of the brand and a key player in shaping its product line and marketing campaigns aimed at the multicultural community. Her leadership in this space further solidifies her business acumen.
This appointment is only one in a string of achievements for Palmer, who launched KeyTV in 2022 as a digital platform aimed at amplifying BIPOC voices in entertainment.
Additionally, she is set to release her new book “Master of Me: The Memoir” in November, a follow-up to her 2017 bestseller “I Don’t Belong to You.”
But she does not stop there. She also has a comedic project featuring singer-songwriter SZA, produced by Issa Rae, on the horizon in 2025.
