Although vision and communication played critical roles in the rapid
demise of the Titanic and life boat shortages exasperated the
catastrophe, speed seems to be the instigator behind the tragedy.
The Titanic was averaging about 21 knots (24 mph; 39 km/h) for
most of the journey including the last day of the journey even after
icebergs had been spotted. Captain Smith knew it was wise to slow down, but he didn't.
Some speculate that the Bruce Ismay wanted more publicity for his company, White Star Line, so he strongly encouraged Captain Smith to reach New York in record time.
Both knew of the danger, but decided it was worth the risk. They chose to disregard sound advice from crew to slow down and instead sped up in order to gain personal recognition.
The same is true for us now. The consequences may not be life or death, but the icebergs of potential financial ruin are everywhere.
Nowadays the icebergs of potential financial ruin are everywhere.
Individual credit card debt is skyrocketing and personal savings are plummeting.
Will we slow down to see the icebergs of overspending? Will we heed the warnings to save for a rainy day?
We often speed up when we are pursuing something, or sometimes forget to slow down when warning signs appear because a deal looks amazing, and promises to get us rich quickly.
Or we fail to look at risks involved with additional debt.
Notice the icebergs and then slow down, evaluate the risk, and if necessary, stop what you're doing.
(Photo courtesy Wikipedia)