If you think/expect your kid(s) will go to college, a 529 plan is hard to beat. Essentially it lets you invest money into an earmarked account which grows tax free and can be withdrawn tax free to pay for qualified expenses.
Some states, including Missouri, allow tax credits/deductions for certain contributions to a 529 Plan.
http://www.savingforcollege.com/arti...ally-worth-733
You do of course have the risk of losing principal, etc., but most 529 plans have options to invest in programs based on the year the kid is anticipated to start college. As the kid gets older, the risk matrix is shifted to reduce the percentage invested in higher risk assets and into lower risk assets.