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3 ASX stocks to buy now to get rich later

There is little doubt that short term trading can provide investors with an adrenaline kick, but this strategy is unlikely to lead to an early retirement.

Instead, investors interested in really building their wealth into retirement should consider a more prudent investment strategy that involves buying and holding shares over the long term.

With that in mind, here are three shares that I believe investors should consider for their exciting growth prospects:

Sirtex Medical Limited (ASX: SRX)

Sirtex is not a share for the faint hearted but I think its explosive growth potential lends itself to be a suitable part of a diversified long term portfolio. The company has a history of delivering strong earnings growth and its latest full year result (highlighted below) certainly continued this trend.

Source: Company Presentation

Source: Company Presentation


Although the company is expecting double-digit dose sales growth to continue over the coming financial year, I think investors should focus on the bigger long term opportunity as Sirtex has only penetrated around 2% of its annual addressable global market. With the shares currently trading around 22% below their 52-week highs, now might be a good opportunity to begin accumulating shares.

Magellan Financial Group Ltd (ASX: MFG)

Magellan has been far and away the best performing major listed fund manager over the past five years, delivering a share price return of 1,620%. While this same level of return will be impossible to achieve over the next five years, I think investors can still look forward to solid returns assuming equity markets remain fairly stable.

Importantly, Magellan continues to attract new fund inflows, especially from retail investors, and has enjoyed particularly strong support in recent times for its infrastructure funds.

With that in mind, the short term outlook for global equities is currently mixed and investors could be presented with a more attractive buying opportunity over the coming months.

Mobile Embrace Ltd (ASX: MBE)

Mobile Embrace is a small cap technology company that provides mobile advertising and payments solutions to an increasing number of international users. As highlighted in the charts below, its recent financial performance has been impressive, although I would still classify the company as a speculative investment considering it faces competition from some much larger global competitors.


Source: Company Presentation

Source: Company Presentation

Nevertheless, Mobile Embrace operates in a rapidly growing sector and has made moves to increase the scale of its operations, especially overseas. As a result, a small investment in this reasonably priced technology company could be warranted on the basis of its improved financial performance.

5 stocks under $5

We hear it over and over from investors, "I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" And it's true.

And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!

*Extreme Opportunities returns as of June 5th 2020

Motley Fool contributor Christopher Georges owns shares of Sirtex Medical 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.

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