Why live below my funds for me “incredibly important”

Keke Palmer For her career, she wore many outfits: actress, entrepreneur, producer, leading podcasa, singer, author.

But the 31-year-old girl is prudently spending her money through modest upbringing, she says: life below her means is her main financial habit for a safe lifestyle.

“I live under my means. I think it’s incredibly important,” Palmer says. “If I have $ 1 million in my pocket, my rent will be $ 1500 – that’s how under my means I say. My car note will be $ 340. I don’t need (Bentley) Bentayga, I go to Lexus.”

As a child, Palmer realized she earned more than her parents. She received her first acting at the age of 9 in the 2004 Ice Cube movie “Barbershop 2: Back In Business”. By the age of 13, she had her own credit card and was the star “Real Jackson, Vice Prime Minister” Nickeladon.

“My parents, at best, earned $ 40,000 a year,” Palmer said “Club Shey Shey“Podcast in the November episode.” I was doing this show. “

Now Palmer is trying to follow their example.

“I learned very early from my parents because they knew their limits and finances,” Palmer says. “I believe in salvation and savings … I don’t play with that.”

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She also shares her wealth with her parents, said Club Shay Shay.

“My dad refused my pension so I had the opportunity for dreams. My mom gave up everything so she could travel with me,” Palmer said. “What is mine and what I have … I sacrifice for another 20 years of life, working in the field so I can provide and we can have the business we have today.”

Life below your funds looks different for everyone. For example, the classic budget rule by 50-30-20-50% of taxable income for life, 20% for savings and 30% for everything else Increasingly unavailable for many AmericansCNBC does this reported in May 2023.

If you cannot afford to save 20% of your profits, start by searching the income method and minimize large, fixed costs, recommended certified financial planner Rachel Camp. This may look like picking up the lateral turmoil, take over the room neighbors or even rethink if you need a car in the city in which you live.

Palmer has additional tips for young people, especially young women: “study” in the economy.

This can mean reading books of personal finance, pass a course at a local college, talking to your Money-smooth friend Or even use chatgpt to help you create a monthly budget plan.

“Be interesting about such things because you don’t want to do things based on survival,” Palmer says. “You want to make them a choice. That’s what my mom and my dad taught me very early.”

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