If you're fortunate enough to have $50,000 sitting in a bank account, then I think it would be well worth thinking about what to do with it.
Given the paltry interest rates on offer from savings accounts currently, I would suggest you consider putting this money to work in the share market.
After all, if you have time on your side then this sum of money could grow significantly in the future.
Despite its many ups and downs, over the last 30 years the Australian share market has provided an average total return of approximately 9.2% per annum according to research by Fidelity.
This means that if you had invested $50,000 into the share market 30 years ago and matched the market return, that single investment would have grown to be worth just over $700,000 today.
I believe this demonstrates just how rewarding it can be to invest with a long-term view.
With that in mind, here are three shares that I think would make great buy and hold investments for that $50,000:
Altium Limited (ASX: ALU)
Altium is a printed circuit board (PCB) design software provider which I believe has enormous long-term growth potential. This is thanks largely to its exposure to the rapidly growing Internet of Things market and management's aim of achieving market leadership in PCB design by 2020. Given the quality of its offering I expect Altium to achieve its aim.
Cochlear Limited (ASX: COH)
Over the next few decades the number of people aged 60+ globally is expected to increase significantly. I believe this puts this hearing solutions company in a great position to continue its solid earnings growth for a long time to come. Especially given its industry leading products, significant investment in R&D, and global distribution network.
CSL Limited (ASX: CSL)
I think CSL is arguably the best buy and hold investment option on the local market. Due to the quality of the global biotherapeutics company's core business and the large number of lucrative drugs under development, I believe it is well-positioned to be a market beater over the next decade.
