Long term investing might seem like a boring strategy in today’s fast paced world, but I think it is still one of the most effective strategies for creating real wealth.

For this strategy to be effective, however, investors need to consider companies that have the ability to grow their earnings over many years into the future.

Three shares that I think investors could consider for their long term investment portfolios include:

ResMed Inc. (CHESS) (ASX: RMD)

ResMed’s potential target market continues to grow year on year as more people get diagnosed with sleep disorders and sleep related illnesses. This trend is unlikely to reverse anytime soon and ResMed’s market-leading position means it is well placed to capitalise on this massive global opportunity.

Although competition in the sector has increased in recent years, the company has successfully remained ahead of the curve thanks to a leading research and development program that has made its products far more acceptable and comfortable for patients.

The shares currently trade on a price-to-earnings ratio of around 25, which is fairly attractive when you consider the runway of growth ahead of the company.

BT Investment Management Ltd (ASX: BTT)

Shares of BT have been hit pretty hard since the unexpected Brexit result, although I believe the fund manager will be able to recover from this setback over time.

The company has a strong track record of outperformance, both in Australia and the UK, and also enjoys strong brand recognition in both markets. These attributes are vital to the long-term prosperity of any fund manager and I think BT will be able to attract new fund inflows once the UK and European markets return to normality.

The shares appear quite cheap at the moment, although I expect investors to remain quite cautious until the company releases its full year results on 3 November.

TPG Telecom Ltd (ASX: TPM)

Although TPG has already enjoyed a great deal of success over the last decade, I believe the next 10 years could be just as exciting for investors thanks to the expected surge in demand for telecommunications services.

Along with the opportunity to grow organically, TPG is also likely to come across further opportunities to consolidate with other players in the market, something it has done successfully thus far.

There is also the possibility for expansion offshore with the company recently announcing its intention to enter the Singaporean market.

The shares historically trade on a fairly expensive multiple but I think investors who take a long term view of TPG are unlikely to be left disappointed.

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Motley Fool contributor Christopher Georges owns shares of BT Investment Management Limited. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.