Author Topic: The ultimate Anti-Mustachian purchase?  (Read 2808 times)

o2bfree

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The ultimate Anti-Mustachian purchase?
« on: October 31, 2016, 12:19:25 PM »
http://money.cnn.com/2016/10/31/news/dubai-million-dollar-license-plates/index.html

This guy's cognitive dissonance is splitting my head:

For high-rolling drivers in the United Arab Emirates, no car is complete without a single-digit license plate.

The oil-rich country's wealthy elite are willing to drop millions of dollars to get their hands on one.
Dubai property developer Balwinder Sahni wanted a highly coveted plate bearing the number 5. He wanted it so much, he bid 33 million dirhams ($9 million) for it at a government auction earlier this month.

It was one of the largest sums ever spent on a license plate, although still lower than the $14 million record set in 2008 by an Abu Dhabi businessman.

Sahni found that his big purchase also brought him a lot of attention. He says he can't go out in public without people stopping him and asking to take a photo -- and some aren't impressed, accusing him of wasting his money.

"It's hard, people giving comments without knowing the type of person I am," Sahni told CNNMoney. He described himself as "a simple man."


But then...awwww....

Since Dubai has no income tax, Sahni says he sees the hefty license plate purchases as his contribution to the public coffers. He says he believes the money will go to charity and toward improving the city's infrastructure.

"I believe in giving back," he said. "This city has given me a lot."
« Last Edit: October 31, 2016, 12:22:38 PM by o2bfree »

691175002

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Re: The ultimate Anti-Mustachian purchase?
« Reply #1 on: October 31, 2016, 01:30:52 PM »
When I read your title, I immediately thought "The worst possible purchase is an illiquid depreciating asset that also requires large maintenance/upkeep cashflow".  Boats are a great example.

I understand where you are coming from, but a single digit license plate won't be soaking up future cashflow and is likely to at least hold its value.

o2bfree

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Re: The ultimate Anti-Mustachian purchase?
« Reply #2 on: October 31, 2016, 01:44:37 PM »
When I read your title, I immediately thought "The worst possible purchase is an illiquid depreciating asset that also requires large maintenance/upkeep cashflow".  Boats are a great example.

I understand where you are coming from, but a single digit license plate won't be soaking up future cashflow and is likely to at least hold its value.

I'm thinking more about $$$/Pleasure. Getting $9M worth of pleasure out of a license plate? But maybe $9M is just noise to him.

Making Cookies

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Re: The ultimate Anti-Mustachian purchase?
« Reply #3 on: November 01, 2016, 11:32:49 AM »
Its hard to imagine what that would be like - just noise...

MrsPete

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Re: The ultimate Anti-Mustachian purchase?
« Reply #4 on: November 01, 2016, 12:28:25 PM »
Cigarettes, alcohol and recreational drugs are the worst possible purchase. 

They cost money, and they actually harm your most precious, least- renewable resource:  Your body. 

Metric Mouse

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Re: The ultimate Anti-Mustachian purchase?
« Reply #5 on: November 02, 2016, 01:09:46 AM »
When I read your title, I immediately thought "The worst possible purchase is an illiquid depreciating asset that also requires large maintenance/upkeep cashflow".  Boats are a great example.

I understand where you are coming from, but a single digit license plate won't be soaking up future cashflow and is likely to at least hold its value.

I'm thinking more about $$$/Pleasure. Getting $9M worth of pleasure out of a license plate? But maybe $9M is just noise to him.

If he honestly feels he is doing 'good' by basically paying a voluntary tax or 'donating' the money to fun public projects, would that be the worst way to spend money?

joleran

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Re: The ultimate Anti-Mustachian purchase?
« Reply #6 on: November 03, 2016, 02:11:35 PM »
Cigarettes, alcohol and recreational drugs are the worst possible purchase. 

They cost money, and they actually harm your most precious, least- renewable resource:  Your body.

I think the jury is still out on alcohol (in light moderation) and some of the various recreational drugs actually being harmful.