If you have $1,000 in a savings account and no immediate plans for it, I would suggest you consider investing it into the share market.
After all, the potential returns on offer from the share market are vastly superior to the paltry interest rates being offered by the big four banks.
Two top ASX shares that I think could generate very strong returns for investors over the next decade are listed below.
Here's why I would invest $1,000 into these shares for 10 years:
BetaShares NASDAQ 100 ETF (ASX: NDQ)
The first option to consider investing $1,000 into is the BetaShares NASDAQ 100 ETF. As its name implies, this popular exchange traded fund provides investors with exposure to the NASDAQ 100. This index comprises the 100 largest non-financial shares on the NASDAQ.
You'll no doubt be familiar with the majority of the companies on this index as they are largely household names. This includes coffee giant Starbucks, tech behemoths Amazon, Apple, Facebook, and Google, electric car company Tesla, and retailer Costco.
As a whole, I think these 100 companies have the potential to grow at a quicker rate than the rest of the global economy over the next decade. In light of this, I expect the BetaShares NASDAQ 100 ETF to provide investors with strong returns for many years to come.
ResMed Inc. (ASX: RMD)
Another option to consider investing $1,000 into is ResMed. I think it is one of the best long term options on the Australian share market and well-positioned for growth over the next decade.
This is because the sleep treatment focused medical device company looks well-placed to profit from the proliferation of obstructive sleep apnoea (OSA). Management estimates that just 20% of OSA sufferers have been diagnosed at this point. This means that there is still a significant market opportunity for the company to capture in the future.
I expect this to underpin above-average earnings growth and drive market-beating returns for investors for the foreseeable future.
