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2 ASX shares perfect for beginners after the share market correction

One of the most common refrains I’ve heard from people wanting to buy their first ASX shares in recent times has been “I don’t want to buy when the markets are at record highs”. This is a very understandable position to hold – after all, the old saying goes ‘buy low, sell high’, not ‘buy high’.

But here’s the good news. The markets are not at all-time highs anymore. In fact, this week the S&P/ASX 200 Index (INDEXASX: XJO) has shed almost 10% from last week’s all-time high.

That means it might be the perfect time for a beginner to ‘take the plunge’.

So, here are two ASX shares that I think are ripe for the pickings of a beginner investor today.

Magellan Global Trust (ASX: MGG)

Magellan Global Trust is a listed investment trust (LIT) that primarily invests in quality US shares. It currently holds big, well-known names like Facebook, Starbucks, Mastercard, Apple and Alphabet, which I think would be great for a beginner to own by extension. The trust also aims to pay a 4% distribution every year – which would represent a nice stream of passive income that you can reinvest.

MGG shares are worth around 17% less today than what you could have picked up last week. That means it’s a great time to pick up your first bunch in my view because you can buy 17% more shares this week with the same amount of cash.

Vanguard Australian Shares Index ETF (ASX: VAS)

Another top option to consider is this exchange traded fund (ETF) from Vanguard. VAS holds the largest 300 publicly traded companies in Australia. That’s everything from Commonwealth Bank of Australia (ASX: CBA) and Telstra Corporation Ltd (ASX: TLS) to Woolworths Group Ltd (ASX: WOW) and JB Hi-Fi Ltd (ASX: JBH).

This ETF has also experienced some heavy falls this week – 8.83% to be precise at the time of writing. But again, that means you can pick up nearly 9% more shares than this time last week for the same amount of money.

VAS also pays a healthy distribution yield of 4.3% on current prices. Again, this is another investment that offers a stream of passive dividend income. What better way to see the benefits of buying ASX shares!

Foolish takeaway

Ironically, those same potential investors who were reluctant to buy in at record highs last week might be put off by all the scary headlines this week. Unfortunately, those are the kinds of dynamics we investors always have to deal with – so pick the side you want to be on, start investing and stick to your plan!  

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Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool's board of directors. Sebastian Bowen owns shares of Facebook, Starbucks, and Telstra Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Facebook and Starbucks. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia has recommended Facebook and Starbucks. 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.