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How Dubai’s Overspending Culture Could Be A Recipe For Financial Trouble

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How Dubai’s Overspending Culture Could Be A Recipe For Financial Trouble

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Expensive number plates, designerwear, sports cars, Michelin-star resots, 7-star hotels, fancy staycays AKA Dubai.

Dubai, being a glitzy metropolis, is known for its extravagant lifestyle, high-end shopping, and luxurious living. However, behind the glamorous façade lies a reality that many residents struggle to cope with – a culture of spending beyond your means.

In recent years, social media has played a significant role in shaping the spending habits of Dubai residents. Instagram, for instance, has become a platform where people showcase their OTT lifestyles, exotic vacations, and designer wardrobes. As a result, many residents feel pressured to keep up with their peers, leading to unfortunate scenarios where one goes broke trying to appear rich.

An anecdote that recently surfaced on a Dubai Reddit thread perfectly illustrates this point:

A resident with no savings, who was already living paycheck to paycheck, decided to buy a Range Rover for a staggering AED360,000

To make matters worse, the resident used a third of their salary to make the car payments. Ultimately, someone who paid with a fake cheque scammed them out of the car.

Sadly, this is not an isolated incident in Dubai. Many residents are willing to spend beyond their means to keep up with the latest trends and maintain a certain image

With the city boasting some of the world’s most luxurious malls and hotels, the pressure to fit in and stand out can be overwhelming.

However, the culture of lavish spending comes at a cost. Many residents fall into the trap of living beyond their means, racking up credit card debt and struggling to make ends meet.

As the famous proverb goes, “It is better to live rich than to die rich.” However, in Dubai, this proverb seems to have taken on a different meaning. Many residents are willing to spend their entire paycheck to live a lavish lifestyle, without considering the long-term consequences of their actions.

Although the lure of luxury may be tempting, it’s essential to prioritize financial stability and security. Instead of trying to keep up with the Joneses, residents should focus on building their savings, investing wisely, and living within their means.

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