I had a son 8 months ago and we opened a savings account for him that already has a few thousand in it from various family members, and I have set up an auto transfer of $50/month into it from my account.
I am now thinking it may be better to create a mutual fund or even a Roth IRA for him instead, but I'm not a very smart man and don't even really know what a Roth IRA is. Does anyone have any suggestions on how I could safely invest money for his future?
Edit: While the linked duplicate and the UGMA answer are currently the way I'm leaning, I have no fear of stealing funds from my child so I'm not sure the proposed duplicate is quite a duplicate. (I'm not opposed to investment options that I can withdraw from, especially if they have a better return. I also would sort of like to be able to withhold the money until he is maybe 25-30, so options that allow for that are welcome as well.)