Bought new lip ring. Is this the proper way to disinfect?

You could bleach it, or use rubbing alcohol, or burn it (but in reality that only makes it worse, although some would disagree, depends on your point of view on it I suppose) but I wouldn't suggest it, I shudder at the thought of people using one of those methods and calling it 'disinfected' then putting it through a hole in their body. If you're really worried about disinfecting it, you can take it to a local piercer and have them autoclave it, most will for a couple of buck if not free. But, chances are it's fine and to go as far as to a brand new out of the package piece of jewelry is being over cautious and unnecessary.