To think this is an ok financial state?

[Fishywishy1]

I posted a thread looking for advice on what to do with our cash but got the impression we could be in a better state!? What do you think?
we have a property worth 500k and owe 400k mortgage (new mortgage)
we have cash saving of about approx 200k (obtained after mortgage)
we earn 120k ish between us
save 2k per month.
2dc with 30k savings in a account for them, this gets 400 per month (separate from the 2k)

I think it’s ok although the high mortgage is a lot yes. We are late 30’s.

Are they? I seem to have averaged 7% so guess I was lucky.

OP you might feel happy with your situation as it currently is but in 10 to 15 years time you might be keen or even desperate to retire or at least go part time or take an easier job so if you invest well now you’ll put yourself in a good position to do this if you want to.

In the UK you'd be best looking at meaningful money or rebel finance for financial education plus moneysavingexpert.com for general money management and consumer issues so see if you can find Irish equivalents to these as you need to know what is available there and what the rules are.

Questions like this are pointless (sorry OP) as everything is relative to the individual and their needs, wants and goals.

other than mortgage, do you have any debt?

What emergency fund do you have?

What are your retirement plans?

How long would you manage if one (or both) of you were to lose your job?

Way too many arms and legs for anyone to give you an informed opinion.

No other debt no.

we have a 3k buffer in our joint account and I have a 1600 emergency fund. Dh has similar.

Retirement plans- I have no idea. I assume I will keep going as long as possible. Maybe downsize when we get there.

we have income protection and insurances etc

I would overpay the mortgage to reduce the term instead; you'll save more interest that way, & be mortgage-free sooner. It can take a huge amount off your term.

I think your biggest challenge is that you don’t know/have a financial plan. Someone mentioned upstream The Rebel Finance School…it’s a free 10 week course on YT that you can work through at your leisure. It will give you the knowledge and tools you need to make your money work harder.

I have booked to talk to a financial advisor. Thank you all.

Jesus Christ! You’re unsure if it’s an “ok” financial state!?? Just read it all back again! WTAF!