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Do you have $5,000 to invest? Here are the ASX shares I would buy right now

Rather than leaving a spare $5,000 sitting in a bank account, I would suggest investors put their money to work in the share market.

After all, as small an investment as it might seem, on a long enough time horizon a $5,000 investment can grow into something significant.

According to Fidelity, the Australian share market has provided an average annual return of 9.2% in the 30-year period between 1990 and 2020. That means a single $5,000 investment in 1990 would have grown to be worth a massive $70,000 today.

With that in mind, here’s where I would invest $5,000 today:

a2 Milk Company Ltd (ASX: A2M)

Demand for a2 Milk’s infant formula from Chinese consumers has been growing at a rapid rate in recent years. This has led to the infant formula and fresh milk company delivering stellar earnings growth. And while its growth is likely to moderate in the coming years, I still expect it to be at a level that most companies would be envious of. Especially given its modest market share in China and expanding fresh milk footprint. Furthermore, the company could accelerate its growth inorganically if it chooses to put its hefty cash balance to work. There is speculation it could make an acquisition or launch a new product in the near term.

Ramsay Health Care Limited (ASX: RHC)

I think this private hospital operator would be a fantastic buy and hold investment option. Although trading conditions are admittedly tough at present and its growth is likely to be subdued in the near term, I’m very positive on its longer term outlook. This is because, as the global population ages, I believe demand for healthcare services will increase substantially. I feel this puts Ramsay and its expansive global network of private hospitals in a strong position to deliver solid earnings growth for decades to come.

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

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of A2 Milk. The Motley Fool Australia has recommended Ramsay Health Care Limited. 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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