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My sister-in-law does the pearls for each of my girls. She got the necklace, and buys a pearl for special events - birthday, dance recital, baptism, etc. They will have have a beautiful strand of pearls when they get older. Any kind of jewelry is good! Put it away until they are old enough to be responsible for it!
My daughters godmother buys them silver mint julep cups and has their initials engraved on them. She only recently started this, but by the time they are older they will have a full set of twelve. Other special gifts may include silver spoons, a silver baby rattle (they have some now with these wonderful chimes), a container for a first tooth, etc.
Buying stock is always good, especially if it is something that can be set up to reinvest. The girls initially had just five shares in one company, but at this point it has already doubled. Who knows where it will be in 10 years, and every little bit helps!
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