It is a tale almost as old as time itself (or, it feels that way at least) – the tale of the unsinkable ship that met its (spoiler alert) watery end after colliding with an iceberg on the night of April 14th, 1912.
The beastly ship began construction in 1909, mostly made out of wrought iron and steel, and was completed 26 months later. After performing well in sea trials at the beginning of April 1912, it was deemed fit for its intended purpose – a cruise ship – and set out for its maiden voyage on April 10th.
All was going well on the voyage, despite warnings of wandering ice chunks spotted by other sea-farers near the Grand Banks of Newfoundland. The crew was unconcerned by this, thinking their ship was unsinkable.
If any wandering ice chunks found themselves in the Titanic’s path, no big deal, right?
History would later prove that belief to be a massive mistake.
At 11:40 pm on April 14th, the ship’s lookout spotted a giant iceberg – they’re hard to see in the dark night sea, especially with little to no wind to break water at the base of the iceberg.
The captain and crew attempted to steer the ship away from the iceberg but wound up hitting it with the ship’s side. The design of the vessel had a fatal error – the rudder was too small and, to quote the famous movie:
“The ship’s too big with too small a rudder. It doesn’t corner worth a damn.”
-Brock Lovett, Titanic (1997)
The dents this left in the hull buckled under the pressure and split open, causing flooding inside the ship.
Because the ship was considered to be unsinkable, a clear escape plan was not formulated. The lifeboats installed onboard the vessel could only accommodate half of the 2,224 people on board. As the ship sank, the ensuing chaos cost the lives of 68% of people on board – a staggering 1,540 deaths either directly caused by the sinking or from the freezing waters.
Tragedies and accidents can happen to anyone without notice – history has taught us that on numerous occasions. In the Titanic’s case, failure to plan for these mishaps ended with the loss of 1,540 deaths when it could have been merely a long night on a lifeboat.
The lesson applies to your own life, too! Having a sound financial plan for yourself and your family can make all the difference when life inevitably throws its icebergs in your path.
Give me a call at 513-563-PLAN (7526) or click here to discuss how we can help you create a plan that will bail you out of just about anything.
Regards,
Nikki Earley, CFP®