If it was me, I'd probably dollar average into a good index fund and let it ride for 12-15 years. I'd also consider having a chunk of the money unavailable until the kids are 30+. It could really set them up.
Perhaps you split the money up. A conservative account for college and an index fund for the rest.
The older I get, the more I realize its a simple game of time in the market and inflation in regards to stocks and real estate.
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Todd
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