Here's where I would spend $10,000 on ASX shares today

Got $10,000 to invest? Cochlear Limited (ASX: COH) is one of the 3 ASX shares I would use it to invest in today for long-term returns.

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If I had a spare $10,000 lying around, the first choice for its use would be investing in…  a brand new 90-inch 8K TV.

Just kidding. That 'investment' wouldn't get you a very good return at all.

If I had a spare $10,000, I would, of course, put it into ASX shares. Since cash is virtually worthless as an investment these days, I think all of us should aim to have at least some money in the share market. And it's nice knowing that, if invested judiciously, that $10,000 is going to work for me and help me to build long-term wealth. But which ASX shares to choose? Well, here are 3 I would consider today:

3 ASX shares for a $10,000 investment today

Cochlear Limited (ASX: COH)

Cochlear is our first option for a $10,000 investment today. This company is a global leader in the healthcare space, more specifically in hearing aid and assistance. It has managed to perform extremely well for its shareholders over a long period of time – illustrated by its 160% share price appreciation over the past 5 years. Cochlear has an extremely sticky customer base, which helps lock in customers, often for life. Since its products are also a 'need' for its customers, this also adds stability to its earnings base. With a near-60% global market share in the hearing aid/assistance market, I have a lot of confidence Cochlear will be a top investment for decades into the future.

Coles Group Ltd (ASX: COL)

Coles is our second ASX share for a $10,000 investment today. It needs little introduction as Australia's second-largest supermarket grocer. Why do I like Coles? Well, it's a highly defensive share, meaning the company's revenue and profitability are not likely to be affected by any economic maladies or market cycles. We all need to eat, after all, and I'd wager that a large proportion of us will continue to shop at Coles to meet this end. This defensiveness was on full display earlier in the year, amidst the worst throes of the coronavirus pandemic. Coles also offers a decent dividend yield, currently 3.28% on recent prices. I think Coles is a great 'bottom-drawer' share, and I'd be happy to use $10,000 to buy Coles shares today.

Vanguard Australian Shares Index ETF (ASX: VAS)

Our final choice is this exchange-traded fund (ETF) from Vanguard. VAS is your typical index ETF – it tracks a basket of the ASX's 300 largest companies. That's everything from Cochlear, Coles, Westpac Banking Corp (ASX: WBC) and BHP Group Ltd (ASX: BHP) to Afterpay Ltd (ASX: APT) and JB Hi-Fi Ltd (ASX: JBH). I like this investment because it's the perfect choice for an investor who's not sure where to invest.

If you can't find any screaming bargains in the market right now, this is an easy way to make a broad, diversified investment you won't lose too much sleep over. Sure, index funds can be volatile in the short-term. But anyone who has held an ETF like VAS over the past decade has done extremely well. I don't envisage that changing over the next decade at all. So, if you're not too keen on Cochlear or Coles, I think VAS is a perfect ASX share to take the final spot for our $10,000 today.

Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO and COLESGROUP DEF SET. The Motley Fool Australia has recommended Cochlear Ltd. 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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