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Where to invest $1,000 into ASX shares right now

If you only have a modest amount of money to invest in the share market, I wouldn’t let that put you off. This is because even an investment of $1,000 has the potential to grow materially over the long-term.

For example, over the last 30 years the Australian share market has provided investors with an average total return of ~9.5% per annum. This means that if you’d invested $1,000 per year in the share market and earned the market return, your investments would be worth almost $165,000 today.

I believe this shows why investing even just a relatively small amount each year can still be a very rewarding experience. 

With that in mind, here are three shares which I think would be great options for a $1,000 investment in 2020.

Jumbo Interactive (ASX: JIN)

I think this online lottery ticket seller could be a great option for that $1,000 investment. Jumbo is best-known as the operator of the Oz Lotteries website. It has been benefiting greatly from the shift to online gambling in the Australian market and looks well placed to capitalise on the same trend internationally thanks to recent acquisitions. Jumbo is targeting $1 billion in ticket sales through its platform by FY 2022. This will be triple what it achieved in FY 2019 and I feel confident it will deliver on this.

Pro Medicus Limited (ASX: PME)

Another option for investors to consider is Pro Medicus. It is a provider of a full range of radiology IT software and services to hospitals, imaging centres, and healthcare groups globally. It has really caught the eye in recent years after delivering rapid earnings growth. And thanks to the quality of its products and its sizeable market opportunity, I believe Pro Medicus is capable of continuing this strong form for some time to come.

ResMed Inc. (ASX: RMD)

A third option for that $1,000 investment is ResMed. I think the sleep treatment company’s shares could provide investors with market-beating returns over the next decade. This is thanks to its industry-leading sleep products, its fast-growing software solutions business, and the proliferation of sleep apnoea. Management estimates that there are ~1 billion people impacted by sleep apnoea worldwide. The vast majority have not yet sought treatment.

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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 and recommends Jumbo Interactive Limited and Pro Medicus Ltd. The Motley Fool Australia has recommended Jumbo Interactive Limited, Pro Medicus Ltd., and 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.