Keke Palmer Explains Why She Lives Below Her Means Despite A Net Worth Of $7.5 Million — 'My Rent Is Going To Be $1,500'
Keke Palmer refuses to be a part of the classic celebrity lifestyle and instead chooses to be frugal with her income.
Fred Duval | Shutterstock Keke Palmer recently opened up about how she manages her finances, and despite being a millionaire, the actress admitted that she tries her hardest not to spend too extravagantly. Palmer, who has been in the entertainment industry since the age of 9, understands the fast life of fame, and how quickly it can slip through your fingers if you're not careful, especially with finances.
The 31-year-old actress recently told CNBC that she tries to make smart decisions about her money, and despite having a reported net worth of $7.5 million, Palmer doesn't really want to live a flashy and over-the-top life.
Keke Palmer shared exactly why she lives below her means despite a net worth of $7.5 million.
To have a secure lifestyle, Palmer explained that she's frugal with her money. Talking to CNBC, the "One of Them Days" actress said, "I live under my means. I think it’s incredibly important. If I have $1 million in my pocket, my rent is going to be $1,500 — that’s how, underneath my means, I’m talking. My car note is going to be $340. I don’t need a [Bentley] Bentayga, I’ll ride in a Lexus."
Palmer recalled that as a child, she was earning more money than her parents. From her first acting gig in Ice Cube's 2004 film, "Barbershop 2: Back in Business," Palmer was earning more than any of her friends her age. Then, by 13, Palmer had her own show, "True Jackson, VP," along with her own credit card.
During an interview on "Club Shay Shay" in November 2024, Palmer recalled that her parents made $40,000 a year, while she was making that per episode on Nickelodeon. "I learned from my parents very early on because they knew their limitations with money and finances," she said. "I believe in saving and frugality ... I don’t play around with that."
Palmer also admitted that she's always shared her wealth with her parents and family, recalling that her dad ended up giving up his pension so that she could move to Los Angeles and pursue her dream of being an entertainer. "What’s mine is theirs and what’s theirs is mine ... I would sacrifice 20 more years of my life working in this industry so that I can provide and we can have the business we have today."
Palmer once said that being the breadwinner of her family was challenging.
In a January 2025 interview with The Cut, Palmer said she felt major pressure after landing her breakout role in "Akeelah and the Bee" in 2006. Palmer was quickly launched into stardom, which solidified her position as the breadwinner in her family.
She told the publication that there was "so much pressure to rise to the occasion for my community, for my parents, for my siblings, for their sacrifices," which led to her feeling resentment toward her family. She admitted that she "hated" her parents for a "long time."
While her loved ones weren't putting that pressure on her, it "was the reality" whether she liked it or not. "Because I'm the one that we all came here for."
Palmer admitted that having a lot of money at a young age made her connect with her character on 'True Jackson, VP.'
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The challenges that she felt as the breadwinner had Palmer relating to her Nickelodeon character, a 15-year-old high school student who was put in charge of a large fashion brand.
"She was climbing a corporate ladder, working a grown-up job as a kid. I felt the same way," Palmer said of playing True Jackson. "She was making it happen for herself independently in the world. Growing up with that character — it bled over into how I wanted to show up, how I want to deal with life."
Despite the struggle of being such a young star bringing in thousands of dollars for her family, Palmer still managed to maintain a grounded reality with not only money but also living in the spotlight.
Her stance on not wanting to live above her means is proof that she's aware that wealth can vanish in the blink of an eye if you're not careful. While fame can come and go, being able to find peace within yourself and not in the accumulated "things" around you is always more important.
Nia Tipton is a staff writer with a bachelor's degree in creative writing and journalism who covers news and lifestyle topics that focus on psychology, relationships, and the human experience.
