Actress Keke Palmer, who became a millionaire at age 12, continues to live well below her means, while other brands are struggling to maintain relevance in a rapidly changing market. Meanwhile, the rise of "granny pods" and assumable mortgages offer alternative financial strategies for Americans.
Palmer, known for her roles in "Nope" and "Hustlers," revealed her frugal approach to finances in an interview with CNBC, stating, "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." She further noted that her car note is only $340, and she prefers a Lexus over a luxury vehicle. This approach highlights a conscious effort to avoid the lavish spending that often accompanies newfound wealth, according to Fortune.
In contrast to Palmer's financial prudence, some businesses are struggling to maintain their initial success. One restaurant concept, which had gained significant traction on social media with celebrity investors and lines out the door, vanished within six months, according to Fortune. This pattern of rapid rise and fall is becoming increasingly common, as social media democratizes entrepreneurship but also creates a volatile environment for brands.
Intuit, the financial software company, demonstrated its commitment to marketing by spending heavily on its Super Bowl commercial, featuring Adrien Brody. Although the exact cost was not disclosed, the airtime alone for a 30-second ad ranged from $8 million to $10 million, according to Fortune. This investment underscores the importance of marketing in the competitive financial technology sector.
In other financial news, the trend of "granny pods" is gaining traction across the U.S. Denise Martin, a 65-year-old retired financial advisor, has been living in a miniature home in her daughter's backyard for over a year. She relocated to help with childcare, according to Fortune. Her son-in-law built her a custom model suited to her needs.
For those seeking affordable housing, assumable mortgages offer a potential solution. These mortgages, which allow buyers to take over the existing loan terms of a property, could provide access to lower interest rates, as reported by NPR News. This option could be particularly attractive to those who missed the opportunity to secure a low-interest mortgage during the pandemic.
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