I have just acquired a newborn, and would like some advice in setting up a long term financial plan. I don't have a target amount in mind, just to have some money to help her when older (roughly 18-21 years). Her mum's family is from a Chinese culture so we will receive red packets over the years as well so I would like to make sure these are managed as best as possible.
In addition to the period lump sums I will contribute about $50 a month for now, which will hopefully increase in the future.
What is the best type of accounts to start of with? At what point (if any) should I look at changing the investment/account type?