See what books were picked by the avid Goodread's folks as their 100 Books You Should Read in Your Lifetime. This is actually a pretty good list, better than most. Lots of genres and styles represented.
Put a few 20 dollars bills in the album a year and give it to your child as a graduation gift. That way you don't drain your bank account as graduation gets closer, you have already started saving for it since the birth!
46 Brilliant Short Novels You Can Read In A Day...read a book about reading a book a day...now I'm feeling challenged to do just that. Have read about 5 of these books already. There are several I wouldn't read, but quite a few I want to remember to read.