If you're lucky enough to have $8,000 burning a hole in your pocket, then it could be worth looking at putting it to work in the share market.
After all, history shows that you could turn it into something significant over the long term.
For example, based on an average total return of 10% per annum, a single $8,000 investment would turn into approximately $21,000 in 10 years.
And if you're able to keep adding to your investments, you could really supercharge your returns thanks to the power of compounding.
Starting with an $8,000 investment and then adding $500 per month would grow to a massive $121,000 in 10 years, all else equal.
But where could be a good place to invest that first $8,000? Listed below are three ASX shares to consider:
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Where to invest $8,000?
The first ASX share to look at putting some of the money into is ResMed Inc. (ASX: RMD). It is the world's leading sleep disorder treatment company with industry-leading hardware and software.
Citi is very bullish on its long-term outlook and has put a buy rating and $34.00 price target on its shares. This implies almost a 15% upside for investors.
Where else could investors put their money to get good returns? Well, the team at Goldman Sachs sees plenty of value in Woolworths Group Ltd (ASX: WOW) shares at current levels.
The broker has a conviction buy rating and a $40.40 price target, which suggests a potential upside of 23% for investors.
Finally, another ASX share that could be a good option for investors is Qantas Airways Limited (ASX: QAN).
Analysts at Morgans think that Australia's flag carrier airline is severely undervalued at the current level. Last month the broker put an add rating and $6.75 price target on its shares. This implies a potential upside of 26% for investors over the next 12 months.
