One day, I'd love for my portfolio to reach $1 million (and beyond). I'm hoping to reach that with the portfolio of ASX shares I've put together. I have invested significantly more in a few names, which I hope will help me reach my target.
I like how we can put the money to work in the stock market, like planting a seed, and then it can deliver growth itself from there.
I'm looking for investments that have compelling fundamentals and there's a good basis for expecting success in the long-term.
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Why I'd only aim for a few ASX shares
The more investments we make, the more we'd have to keep track of. Unless you're part of an investment team, I wouldn't advocate trying to stay across dozens of individual businesses.
I only want to invest in my best ideas, the ones that I believe are the best choices to help me achieve my objectives. Is my 50th best idea going to be as good as my 10th best idea? Probably not.
If we choose correctly, investing in our best ideas will help us deliver better returns and we can stick with our investment plan more faithfully and not getting distracted by other stocks.
We can't know for sure what our finances are going to look like, but if I can continue regularly investing into good long-term options, I believe I can reach $1 million, even if that's many years away.
If I were starting with $0 and I invested $1,000 per month, returning an average of 10% per year, that'd turn into $1 million in less than 24 years.
If I were able to invest $2,000 per month, then it'd take less than 18 years to reach $1 million.
Which investments I've put my own money into
The biggest ASX share position in my portfolio is investment conglomerate Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) which has a diversified portfolio and has a long-term track record of delivering capital growth and dividend growth.
Another large position in my portfolio is investment business MFF Capital Investments Ltd (ASX: MFF), which targets high-quality global stocks with compelling long-term profit growth potential.
The exchange-traded fund (ETF) VanEck MSCI International Quality ETF (ASX: QUAL) is another sizeable position in my portfolio with a focus on high-quality global businesses.
I can see myself allocating more money to the above three names regularly as I achieve savings.
There are also a few ASX growth shares that I've put money into which have already grown significantly and I'm optimistic they can continue delivering further success. Temple & Webster Group Ltd (ASX: TPW) and Tuas Ltd (ASX: TUA) are two of the biggest growth stocks in my portfolio.
I think these ASX shares can deliver good returns over the long-term.
