When it comes to big life milestones, the price tag can be overwhelming. Whether it's buying your first home, paying for university fees, or getting married, these major expenses can drain your wallet faster than you think. The higher the cost, the greater the risk, and one wrong move could leave you in financial trouble. But don’t worry – we’re here to help you avoid making costly mistakes.

Here are six of the scariest purchases that could keep you awake at night, along with tips on how to make smarter, safer choices.

1. Buying a Property: The Dream Home That Could Turn into a Nightmare

For most people, buying a home is the most expensive purchase they'll ever make. But without careful planning, it could turn into a financial nightmare.

What Can Go Wrong?

• Not Knowing What You Can Afford: The bank might approve you for a larger loan than you can actually handle. To avoid this, create a budget that includes all your expenses, excluding rent, to figure out what you can comfortably spend on a mortgage.

• Ignoring Your Credit Score: A poor credit score can prevent you from securing a loan, even if you think you can afford the property. Check your score in advance and work on improving it if necessary.

• Forgetting About Extra Costs: Homeownership comes with additional expenses like quit rent, maintenance fees, insurance, and repairs. Be sure to have savings for these ongoing costs.

• Neglecting Inspections: Don’t skip a thorough inspection of the property to avoid future headaches with repairs and renovations.

• Not Considering Future Growth: Research the neighborhood’s potential for future development. A great home today might lose value if the area doesn’t improve.

2. Paying for Tertiary Education: The Investment That Could Sink You in Debt

A degree is often seen as a ticket to a brighter future, but funding higher education without a clear financial plan can lead to regret.

What Can Go Wrong?

• Unaccredited Degrees: If your degree isn’t accredited by the Malaysian Qualifications Agency (MQA), you could face issues with job prospects or additional costs for requalification.

• Falling Into Debt: Without a solid financial strategy, student loans can quickly pile up, making it hard to repay once you graduate.

3. Buying a Car: The Road to Financial Ruin

While owning a car in Malaysia might seem like a necessity, the hidden costs involved can make this a risky investment if you’re not careful.

What Can Go Wrong?

• Buying a Car You Don’t Like: Do your research before buying. Find a car that suits your needs and your budget. Avoid the rush to buy under pressure.

• Ignoring Resale Value: Not all cars hold their value. Consider factors like brand, color, and specs to ensure your car will still be worth something when you decide to sell it.

• Overlooking Maintenance Costs: Regular maintenance can be expensive, but neglecting it will only cost you more in the long run. Factor in these costs before making a purchase.

4. Starting a Business Franchise: The Risky Road to Entrepreneurship

Starting a franchise requires significant upfront investment, and with the potential for failure, it can be a financial gamble.

What Can Go Wrong?

• Mismatch of Skills: If you lack the necessary skills or experience to run a franchise, you could end up losing your investment.

• Fluctuating Customer Traffic: After the initial hype, customer traffic may slow down. It’s important to have emergency funds to weather the slower business days.

5. Planning a Wedding: The Day You’ll Never Forget – For the Wrong Reasons

Weddings are expensive, and with so many moving parts, it’s easy for things to go wrong.

What Can Go Wrong?

• Choosing the Wrong Wedding Planner: A reliable, experienced wedding planner is crucial to pulling off your big day. Ensure you hire someone with a proven track record.

• Overpaying for Food: While quality is important, the price tag shouldn’t make your budget go bust. Be sure to get quotes and check reviews before committing to a caterer.

• Wedding Gown Disasters: Custom-made gowns can be expensive, and if you choose an inexperienced designer, you could be left with a dress you don’t love. Get recommendations and view previous works before saying yes.

6. Investing Your Money: Don’t Let Scams Empty Your Wallet

Investing can be a great way to grow your wealth, but it’s also a field ripe with scams. Be cautious and do your research to avoid falling victim to fraudulent schemes.

What Can Go Wrong?

• Guaranteed Returns: Be wary of anyone promising guaranteed returns. Investments are volatile, and nothing is ever 100% safe.

• Word-of-Mouth Promotions: Scammers often rely on social circles to sell their schemes. Just because a friend recommends an investment doesn’t mean it’s trustworthy.

• Suspicious Business Practices: If an investment deal seems too good to be true, it probably is. Watch for red flags like shady advertising or unusual business operations.

• Pressure Tactics: Fraudsters often pressure you to act quickly, labeling anyone who doesn’t invest as a “coward.” True professionals don’t pressure their clients.

Conclusion: Big Purchases, Big Risks – Be Smart

These major purchases are more than just financial decisions – they’re emotional leaps. Taking time to research, plan, and think carefully before making any of these commitments can save you from regret and financial turmoil.

Remember, every cent counts. Protect yourself by doing thorough research, asking the right questions, and staying alert to potential risks. If you approach these big-ticket purchases wisely, they won’t turn into your scariest nightmares.