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Fewer than 4 in 10 people in the US have enough savings to pay for an unexpected $1,000 expense in cash. That’s a sobering reality in a society where we’re taught that we should have an emergency fund with enough money to cover at least three to six months of expenses.

Would you be alarmed to hear that 44% of the American population is not only living paycheck to paycheck, but they’re also doing so without a proper budget? While the easiest path to financial success is through formal education to increase financial literacy and learn basic budgeting principles, minority groups don’t often have that luxury.

According to economic analysts, owning a home is a pretty effective way to increase your wealth, particularly for low-income households and younger millennials just beginning to build wealth. Or, at least, it can be, depending on what kind of home you’re investing in and a few other factors (namely the type of loan you’re getting to purchase the house). But, can homeownership actually build wealth?

According to the FDIC, the national average interest rate on savings accounts currently stands at 0.04% APY. Now, you’re probably thinking, “Okay, cool...but what is APY?”