Just some background info. My family and myself haven't had much money for as long as I can remember, and growing up we lived below the poverty line (they made around $12,000 a year after I was around 8 and everything went to hell). My parents were lucky though that before things fell apart for them, they were able to own their house outright.
My parents are on the older side for my age. I'm 20 and they're in their early 60's, and within the last 10 years their health has declined and are both now on disability and need help at home. I'm in college finishing an AA while living here, while my older brother finished a bachelors a few years ago and is working and living here as well. Anyways, I'm lucky enough that I was just offered an IT job in town that pays between $40,000-$50,000 depending on my hours. I'm completely floored. It sounds like a fortune to me just because of what I am used to. I feel like I am in an excellent position to take advantage of this and need some advise on how to do so. My brother and I split responsibilities to help our parents, and I want to contribute more now that I am able to, while also helping myself for my future. Seeing as how there are no rent/mortgage payments needing to be made, how should I save my extra income? Just a savings account, or something else? Sorry for my ignorance, I just really know very little about this area.
Added (1). And no I don't plan on living with them forever, but not because I think it's wrong to do so. Truth is they won't be around forever and it doesn't bother me one bit to be able to be around them and help out. Works out better for everyone. I don't really understand why it's considered such a bad thing in our culture. But what do I know, right?
Read more: What's the best way to invest/save extra money?
