Since you are putting in your taxed money, you won't have to pay any taxes on it again. What I did was I started a savings account with the money people gave me for her since she was born and put in a certain amount every month ($200/month at the time being). Then when the savings account reaches $5000 I'll put it in a CD or whatever makes sense for the economy at the time. I also have her put 1/2 the money she gets for christmas, birthday's etc. into the account because I hope it will teach her about saving and investing, something my parents did for me, but never really taught me about - you know. I'm not an investor by any means, but it's just an idea :)
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