thought I'd help out,
I have mexican parents who raised us speaking spanish and english and we both did just fine academically and socially. I will add that it was extremely helpful knowing spanish in regards to spelling and some standardized tests, because of a lot of latin undertones in vocabulary words.
I also have a one year old niece who is one; she associates and can say words in both english and spanish.
If you will be teaching her both, she shouldn't get too confused, very young children learn foreign languages easier than when they are older, but as for me, I'd say I handled being raised bilingual extremely well. Especially living in California, I know its already helped me getting jobs.
Then again, not all children are the same, but hopefully you'll have fun teaching your child both.
Good Luck!