Where I would invest $3,000 in the ASX this week

While $3,000 may not feel like a life-changing amount of money to invest into the Australian share market, if you are able to invest this amount for an extended period it has the potential to grow into something significant.

As of last year, data compiled by Fidelity revealed that the local share market had provided an average annual return of 9.1% over the previous 30 years.

Were it to do the same over the next 30 years and you made a $3,000 investment in the share market each year, that investment would grow to be worth over $450,000.

I believe this shows how being patient and making regular investment contributions can be incredibly rewarding.

With that in mind, here are three shares which I would consider investing that first $3,000 into:

A2 Milk Company Ltd (ASX: A2M)

I think that this fast-growing dairy company could be the ultimate growth share on the Australian share market. While its shares are by no means cheap, I believe the insatiable demand for infant formula in China will allow a2 Milk to deliver long-term earnings growth that more than justifies the premium.

Corporate Travel Management Ltd (ASX: CTD)

This leading corporate travel manager could be a great option for investors right now. Its shares are currently changing hands at approximately 31x estimated forward earnings, which I think is fair for a company which delivered a 33% increase in underlying net profit during the first-half of FY 2018. Especially given that this strong run could continue long into the future thanks to its growth opportunities in a highly fragmented global corporate travel market.

ResMed Inc. (CHESS) (ASX: RMD)

I think this sleep apnoea and chronic respiratory disease treatment specialist could be a quality buy and hold investment option. The sleep treatment market is expected to grow meaningfully over the next couple of decades, putting this market-leader in a great position to continue delivering strong earnings growth for many years to come. The company is due to release its quarterly results on Friday morning, though. So investors may want to wait for them before hitting the buy button.

Got another $3,000 to invest? Lucky you! I would be putting it into one of these high flying shares.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. The Motley Fool Australia owns shares of A2 Milk. The Motley Fool Australia has recommended ResMed Inc. 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 Scott Phillips.

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