Best Investment for a Newborn (other than a rental property)

[Max T.]

Summer vacation started today (I am a high school teacher) and I'm sitting here with my 6-week old son (first child).

This is the first summer I've had in a long time that I'm not rehabbing a newly acquired rental (or turning over a few units) and I'm thinking what to do...

I do have a downpayment saved up so I'll jump on a good deal if one comes around soon but I'd like to start a new indexed investment for my son.

Maybe a 529 savings plan or custodial brokerage account (UGMA/UTMA). BP parents, what do you do?