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Where I would invest $1,000 in ASX shares right now

If you’re just starting out with investing you may not have substantial funds to put into the share market.

I wouldn’t let that put you off, though. This is because even an investment of $1,000 has the potential to grow significantly over the long-term.

For example, if you had invested that $1,000 into the shares of Altium Limited (ASX: ALU) 10 years ago, it would have grown to be worth an astonishing ~$125,000 today.

Whilst it is worth noting that this level of success is very rare, it can and does happen.

With that in mind, here are three shares which I think would be great options for a $1,000 investment.

Appen Ltd (ASX: APX)

One top growth share I would consider investing the $1,000 into is Appen. It is a leader in the development of high-quality training data to be used in machine learning and artificial intelligence. Considering its leadership position and the extremely positive outlook for the markets it operates in, I believe it is well-positioned to grow its bottom line at a strong rate for many years to come.

Nearmap Ltd (ASX: NEA)

Another top share which I feel could generate outsized returns over the next decade is Nearmap. It is a leading aerial imagery technology and location data company with enormous potential. I believe it is well-placed for strong growth thanks to the quality and stickiness of its software. Furthermore, new product launches and its massive global market opportunity should also underpin its growth.

Zip Co Ltd (ASX: Z1P)

Thanks to a recent pull back in its share price, now could be a good time to consider this buy now pay later provider. Zip Co has been benefiting greatly from the increasing popularity of this payment method with consumers. This has led to the company growing its sales and customer numbers at an explosive rate over the last couple of years. The good news is that it looks set to continue this positive form in FY 2020 thanks to industry tailwinds and its international expansion.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of June 30th

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia owns shares of Altium and Appen Ltd. 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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