Hiberno-Emglish phrase, from "bain maith as" or "wear it well". Usually said to someone who has just bought a new garment, car or other large purchase.
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1. Expression for for doing something foolish or unnecessary.
2. Possessing an item that serves no purpose and/or is useless.
Person: "I just bought some new alien detecting binoculars"
Me: "You might as well be wearing broccoli for shoes."
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