Sullivan Financial Planning, LLC
Kristi Sullivan has been helping people achieve financial security since 1996.
After graduating with a B.S. in Business from Colorado State University, Kristi worked for Great-West Life in the employee benefits department for three years. This experience gave her a strong background in employer retirement plans, Flexible Benefit Accounts, and group medical plans.
Departing for Fidelity Investments in 1998 gave Kristi the chance to learn more about financial planning on a personal level. In her nine years at Fidelity, my duties included operations, compliance, financial planning, and teaching investment classes.
Sullivan Financial Planning, LLC was formed in 2007 with the goal of providing clients exactly the type of help they needed, without the pressure of corporate quotas or sales numbers directing the recommendations.
Kristi holds the Certified Financial Planner™ designation and the Series 65 and Colorado Life & Health Insurance Licenses. She is a member of the Financial Planning Association, The Alliance of Professional Women, The Women’s Estate Planning Council, and the Denver Alumnae of Chi Omega.
She is proud to have been a volunteer speaker for the non-profit Evelyn Brust Foundation. As a speaker for the Brust Foundation, she presented on achieving financial security at public libraries for the purpose of providing the general public an education without a sales pitch.
In Kristi's down time is spent with her husband and two sons. She is always up for a ski day, travel, seeing plays, and reading a good book.
BS, Business, Colorado State University
Congratulations on your ability to leave an inheritance. You say you don't need the money for yourself, but I'd leave at least $10,000 in a savings account for easy access in case you have an emergency of some kind. For the rest, if you have a longer time horizon (or don't think your kids would spend the money right away upon inheriting it), a diversfied mutual fund that includes both stocks and bonds might be a good solution for getting some growth. However, if your goal is to make sure that the $70,000 does not drop in value, CDs are the better option. The growth won't be there, but the principal is guaranteed by the FDIC. I hope that helps.
myfico.com or FTC.gov are good websites to get advice on improving your credit score. My understanding is that leaving the credit card open with a $0 balance is better for your credit score because it shows you can have access to credit, but have the discipline to not use it. This falls into the Amounts Owed category of the credit score calculation which accounts for 30% of your score. Hope that helps!
Congratulations on putting away $20,000 for your son's education. I like using the 529 college savings accounts because of their tax-free growth for education expenses. Check with your state - each state has its own program - but you may also be able to take a state income tax deduction for money you put into the account. Since your time horizon is short, choose a fixed interest option for investments or something that is conservatively invested for low volatility.
A financial advisor cannot find out about your credit card debt without your permission. However, if you are hiding credit card debt from your husband, that is a serious issue that should be addressed. It will come out at some point.
Congratulations on being proactive with your savings! You don't specify what kind of account your employer funds, but if you have the option to contribute to a 401(k) through work, start there. You can put up to $24,500/year in and choose tax-deferred, Roth, or a combination of both. If this is not an option and you make less than the IRS income limitation, certainly put $6,500/year into a Roth IRA. That will move the needle a little in your favor for retirement income.
Consider opening an account in your name that is not tax preferred in any way. You can put as much as you like in and take it out at any time. Bonuses, tax refunds, or just extra monthly income can go here. Investing in a diversified portfolio of stock funds and bond funds can help with growth.