Keke Palmer: Living below my means is ‘incredibly important’ to me—’if I have $1 million in my pocket, my rent is going to be $1,500′

Keke Palmer has taken on multiple roles in her career, including actress, entrepreneur, producer, podcast host, singer, and author. Despite her varied successes, the 31-year-old is cautious with her finances, attributing this trait to her modest upbringing. Living below her means is her key financial practice for ensuring a stable lifestyle.

Palmer emphasizes the importance of living within one’s financial limits. She exemplifies this by opting for a modest lifestyle even if she had significant wealth. Recalling her early acting days and her parents’ financial struggles, Palmer values the lessons she learned about saving and frugality.

The actress acknowledges her parents’ sacrifices and strives to reciprocate by sharing her success with them. She cherishes the support they provided for her dreams and aims to secure their future through her hard work in the industry.

Palmer advises young individuals, particularly women, to educate themselves about economics. She suggests exploring personal finance resources, taking courses, seeking advice, and using tools like ChatGPT to create effective budget plans. By understanding financial matters, individuals can make informed choices rather than simply surviving.

For those seeking a career change, CNBC offers an online course called “Make a Powerful Career Change and Land a Job You Love,” designed to help individuals transition into more fulfilling and higher-paying roles. Additionally, CNBC Make It’s newsletter provides valuable insights on achieving success in work, finances, and life.