2 ASX shares I would buy right now for both growth and income

CSL Limited (ASX: CSL) is one of 2 ASX shares I would buy today for growth and income in 2020 and beyond

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My favourite type of ASX share to own is the one that can give me both growth and income through dividends. These shares are rare, but lucrative and can help you build wealth as an investor very effectively.

2020 has been a tough year for dividend shares in particular, with the ASX banks and other former dividend stars forced to cut their payouts, sometimes substantially. Therefore, I think finding the companies that can grow as well as fund a growing dividend is especially important this year. So here are 2 shares that I think fall into this category, and are (in my view) primed to provide shareholders with both growth and income well into the future.

1) CSL Limited (ASX: CSL)

Backtrack to last year and CSL shares were the talk of the town. The CSL share price rose almost 50% in 2019 alone and made a new all-time high of $342.75 earlier this year. But since then, CSL has drifted off the radar for many ASX investors. Evident by how CSL shares have been stuck in a rut since May. Today's share price of $287.50 (at the time of writing) is pretty much where CSL shares were at the start of the year. Even the company's impressive FY2020 earnings report wasn't enough to pull CSL shares out of this rut for long. But that's why I think CSL could be a great buying opportunity today for both growth and income.

Despite its massive size, CSL told investors it expected revenue growth of 8-10% over Fy2021. And CSL has recently bumped up its final dividend by 17%, which continues a long track record of dividend growth. I fully expect these trends to continue over the next few years at least. Thus, I think CSL is a top ASX share for growth and income today.

2) WAM Global Ltd (ASX: WGB)

WAM Global is a Listed Investment Company (LIC) that focuses on buying internationally-listed growth shares. It only started life back in 2018, but since then has developed a strong track record of paying dividends. The company's modus operandi involved buying internationally-listed growth shares which its management believe are poised to benefit from a pricing catalyst. Some of its current top holdings (as of 31 July) include Microsoft, Tencent Holdings, Intuit and EA Games. When this catalyst is realised, the shares are sold and profits banked. Dividends are then paid out of this profit reserve.

WAM Global recently announced a 4 cents per share final dividend, which was a 100% increase from FY19's final payout. If the company keeps this divided growth rate up, it will be a highly lucrative income share to own in just a few years. This is likely in my view as well, seeing as the company currently has a profit reserve of 30.1 cents per share. Thus, I think it's another top pick for both growth and income today.

Sebastian Bowen owns shares of WAMGLOBAL FPO. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. 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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