DH set one up for our grandbaby. I just noticed it's a 70/30 mix, which seems ridiculously conservative for a two year old. Anyone have any thoughts on this? I'm completely inclined to go 100% equities, so I'm interested to hear what other mustachians are doing.
I agree with your inclination.
I view the 529 money as being invested for my kids' lifetime (not even just for their until-college lifetime, though I will shift slightly more conservative in their high school years because of the need to spend specifically the 529 money soon), so I have it in as equity-weighted investments as possible in the plan.
I take this view because the alternative to spending 529 plan money is spending UTMA funds, taking student loans, or spending "my" money, all of which will end up eventually flowing down to them anyway.
Only in the situation where attending their chosen college would be possible vs not possible based on the 529 plan balance would I switch into more conservative investments before they were in high school. I don't expect that to be the case for us.