Keke Palmer reveals she was 'so spooked' filing for bankruptcy at 18

LOS ANGELES, CALIFORNIA: Keke Palmer revealed that she was 'so spooked' while declaring bankruptcy at age 18 during an appearance at the Building Wealth Today for Tomorrow Financial Empowerment Summit in Chicago on October 12.

The actress who started her Hollywood career at age 9, said that she and her parents hired a business manager in her teenage years, per Afrotech.

Keke Palmer opens up about her declaration of bankruptcy

Keke Palmer said during the event, "I was so spooked. I was like, what went wrong?" She added that hiring a business manager helped her immensely but filing for bankruptcy later became essential.

The 'Nope' star added that now she invests and spends "way under" what she can afford. She said, "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 [break]."

She added, "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."

Keke Palmer says she frequently talks about finances with her parents

Keke Palmer spoke to PEOPLE in March where she said that she frequently discusses finances with her parents. She added that her parents hired the business manager earlier in her career as they "needed to get some financial literacy as a family, we grew together in our understanding of money."

She went on to explain that becoming a mother in February 2023, changed her perspective on how she looks at money now. She said, "Overall it's just made me think about how to really make smart choices on where I'm putting my money."

She added, "In terms of investments or property and just the kind of home I want to have, or what's best for my son and what should I be spending things on. I'm the kind of person that has never wanted to be afraid of money and let money control me, or make me feel worried all the time."

Palmer launched her YouTube streaming network 'KeyTv' in 2022 and reportedly invested $500,000. She is also producing and acting in a yet-to-be-titled film from director Lawrence Lamont that co-stars singer SZA.