The RMS Titanic left Southampton, England on 10th April 1912 and was scheduled to reach New York by 17th April or so they say. However, fate had different plans. On the night of 14th April 1912, what was thought the world’s fastest and unsinkable ship hit an iceberg in the North Atlantic Ocean and sank exactly at 2:20AM the following morning. At least 2,200 people were on the ship including the crew. But more than 1,500 people died while all the musicians and engineers died in the sinking. [India’s First Financial Advisory Portal – MoneyMindz]
There are many theories on how this sinking could have been avoided. Don’t make your retirement sink like the Titanic. You will have to ensure you live a comfortable retired life rather than sink down with the ship. How do you do that?
1. Plan wisely and heed advice
The Titanic crew was given seven iceberg warnings but chose to ignore them. They didn’t bother training their crew in case of disaster to evacuate passengers to safety. They didn’t keep enough lifeboats. Even the binoculars were locked and the keys were left in Southampton! As a result, the ship sank! Do not commit this mistake. You are advised to start saving for retirement as soon as you start working. You are advised to invest money and maintain a budget. Follow all these advice’s. You never know if your Titanic (finances) will sink (be insufficient). India Best Free on-call/online Pension/Retirement Insurance Advisory Portal
2. Never assume
Due to its size, speed and design, the Titanic was considered unsinkable. Added to this, the fact that Titanic was one of the fastest and most luxurious ships of its time. While some were facts, others were assumptions. The crew blindly assumed things and took little to no steps to avert any disaster. Never commit this mistake. When you are unclear of facts, verify!! Even after verification, keep alert and safety equipment prepared. But never assume anything. For instance, you might believe that a said amount of money would be enough for your retirement but that might not be the case and you might outrun your savings! Free online retirement Insurance Advisory Portal
3. Follow what suits best for you and shun herd mentality
There isn’t much idea about the truth in the statement that the White Star director Bruce Is may ordered the captain to abandon caution and race to reach New York in record time. This order, a moonless night and several other man made factors resulted in what we study today as the “Titanic Tragedy”. Often, in our lives, we listen to others. We follow the herd. Moneyindz-Free Online/On-Call Financial Planning Advisory in India We don’t think what’s best for us. Finally, we go down with the ship! Avoid this mistake. Listen to your own judgment after going through everything. Safety and luxury was the major concern of the Titanic rather than speed. But the day speed was adopted, the tragedy happened. The day you follow others, you are sailing towards the iceberg.
4. Outdated norms
The lifeboats on the Titanic were sufficient only for less than half of all the passengers. There were no safety regulations at all! We know what happened next! Similarly, we follow too many outdated norms and rules when planning for retirement. With changing times, we have to change ourselves and our mentalities. We have to make newer rules and regulations. Otherwise we will sink. Sadly, we don’t understand its seriousness even to this day, be it finance, education, anywhere! We tend to follow rules without updating them. This leads to disastrous consequences.
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