I believe that one of the best ways to grow your wealth is to invest consistently and with a long term view.
After all, investors that buy and hold quality shares are able to maximise their returns through the power of compounding.
But which ASX shares would be good buy and hold options? These ASX shares tick a lot of boxes for me:
Altium Limited (ASX: ALU)
I think this electronic design software platform provider could be one of the best buy and hold options on the ASX. I'm a big fan of Altium due to its exposure to the Internet of Things (IoT) and artificial intelligence (AI) markets. The rapidly growing IoT and AI markets have been driving strong demand for its design software in recent years. This is because these markets are supporting the proliferation of electronic devices, which require software like Altium Designer and Altium 365 during the design process.
Management appears confident in its outlook and is aiming for 100,000 subscriptions by FY 2025. This compares to the ~50,000 subscriptions it is achieved in FY 2020. It expects this to be the key to market domination and helping it achieve its US$500 million revenue target in five years. This compares to revenue of ~US$189 million in FY 2020. If it achieves this, which I believe it will, then the Altium share price is likely to be materially higher than where it trades today.
BetaShares NASDAQ 100 ETF (ASX: NDQ)
I think the BetaShares NASDAQ 100 ETF would be a great long term option for investors. It is my favourite exchange traded fund on the ASX and for a very good reason. The BetaShares NASDAQ 100 ETF gives investors exposure to the 100 largest non-financial shares on the world-famous NASDAQ index.
This means that through a single investment, you'll be buying a piece of tech giants such as Amazon, Apple, Facebook, Microsoft, Netflix, and Google parent, Alphabet. Given the very positive long term outlooks of these companies, I believe the Nasdaq 100 index is likely to outperform most markets over the next decade. This could make it a great buy and hold option.
