While it has not yet been turned into a Federal holiday, this week, we all celebrated “Amazon Prime Day 2022.” The 48-hour event kicked off at 3 a.m. EDT on July 12, with a myriad of discounts and offers for Amazon prime members worldwide. And so, the scramble began with bargains and sales being posted and passed around in droves.

The post I appreciated most was an Instagram story from Yaakov Langer. It read, “It’s not a deal if you don’t need it!” You might know Yaakov as the former co-host of the popular Meaningful People podcast or from his viral “Yid With Sign” social media accounts. I, however, stumbled upon him from his Living Lchaim platform, where he produces a variety of podcasts, including “Kosher Money,” which created the meme.

Kosher Money is a podcast looking to address the overwhelming financial strains and pressures of living the life of an Orthodox Jew in the 21st Century. In his weekly interviews, creator and host Eli Langer (a former CNBC Social Media Producer) sits down with experts to discuss various topics to create financial awareness and education. After hearing a few episodes, I was so impressed with the mission and content that I decided to partner and sponsor the project.

Their Amazon Prime Day meme reminding consumers that “it’s not a deal if you don’t need it” resonated with me. In my profession, I too often hear many tales from clients about their spiraling debts and mistreated credit report items. The conversations often sound the same. They were offered a discount if they opened up a department store charge card, on the spot, at the register. Weeks later, they discovered they never received the bill and were marked late on their credit.

Then there are those who have racked up debts, and you can clearly see how they live above their means. They are baited by deals and promotions where you buy one and get the second at a discounted price or similar ploys. Oh, and let’s not forget, those who sign up for a service with the best intentions of canceling after the trial period is up, only to forget and end up on auto-pay indefinitely. I can’t emphasize enough the simple notion of not buying something merely because of the discount or perk.

Then there is the antithesis that I see in the current real estate market. So many people have failed to buy a home over the past two years because they didn’t want to “overpay.” Last year, before mortgage rates spiked, they were waiting for home prices to cool. This year, rates are too high, so they are waiting for them to go down. I am not saying that every person should buy a home ‘no matter what,’ but I will say that many people have lost out considerably because of their “discount mentality.” Work with a professional who can guide you so you are not alone in making impulsive decisions.

Shmuel Shayowitz (NMLS#19871) is President and Chief Lending Officer at Approved Funding, a privately held local mortgage banker and direct lender. Approved Funding is a mortgage company offering competitive interest rates as well as specialty niche programs on all types of Residential and Commercial properties. Shmuel has over 20 years of industry experience, including licenses and certifications as a certified mortgage underwriter, residential review appraiser, licensed real estate agent, and direct FHA specialized underwriter. He can be reached via email at Shmuel@approvedfunding.com.

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