Many Americans appear to be wealthy when in reality their entire life is financed. From their new cars to their large home (and even its contents) they are living a life of deception. They are fooling themselves and their friends into believing that they have it all. Are you living a lie? You may not think it but it is quite possible that your life is a sham and you are rapidly approaching a point of no return. Consumer debt levels are on the rise and advertisers are actively seeking your dollars to drive the American consumer machine. In times of recession Americans actually spend more money whereas in European and Asian nations they actually conserve. Honestly answer the following questions:

1. Do you own a home(s) where your equity is less than 20%?
   
2. Are your vehicles financed or leased?
   
3. Are any of your consumer goods such as televisions, beds, electronics, refrigerators, water heaters, etc.financed?
   
4. Do you carry a balance on one or more credit card every month?
   
5. Do you have a second mortgage or home equity line of credit?
   
6. Have you allowed your children to obtain credit cards?

Are you actively worried about "keeping up with the Joneses" and making purchases simply because it is what your friends and family do or you believe that they expect you to do?

If you answered, "yes" to four or more of the questions above then you may be "fake rich".

7. If you were to lose your job today do you have enough in savings (actually in a savings account – not a loan or credit cards) to sustain your current standard of living for at least six months?
   
8. Do you have adequate medical, dental and life insurance coverage?
   
9. Have you met with a financial advisor about retirement planning, and are you saving adequately for the future? Are you taking full advantage of your 401(k) and IRA options?
   
10. If you have children, do you have adequate and appropriate savings for their college educations?
    
11. If you have aging parents, do you have the resources to assist in their care if necessary?

If any of the answers to these questions is "no", you are very likely "fake rich". You should actively reconsider your priorities and look toward savings instead of spending.

12. Are you using credit to pay bills, or one credit card to pay another?
    
13. Are you receiving calls from creditors and regularly choosing whom to pay?
    
14. Are you having trouble affording food, utilities, and other necessities due to your consumer debt?

If you answer, "yes" to any of these, you may need to seek immediate financial help and assistance with your spending and credit card debt.

What can you do if you realize that your wealth is not real, but built simply upon your good credit history, and that is quickly fading? A high debt to income ratio will destroy your credit, and while you may look financially healthy to the outside world, your reality is far from healthy. First and foremost, take an honest look at your finances. Make a budget, and stick to it. Consider your purchases responsibly and make a savings plan that includes an emergency savings fund, as well as long term savings for retirement and college.

Some "fake rich" may find that simple saving and budgeting cannot repair their problems. If you have dug yourself into a massive hole of debt, and have reached the point of juggling your bills, using credit to pay for basic living expenses, and are living paycheck to paycheck making minimum debt payments, you may need debt settlement assistance. Provanta Corp can help you settle your debt and be debt free in just a few years with manageable monthly payments. Rebuild your financial health, and start positive new habits that will lead to a better future for you and your family.