3 fantastic ASX shares to buy now to get rich later

Instead of day trading, I believe the key to getting rich is investing with a long term view in quality ASX 200 shares like Cochlear Limited (ASX:COH)

| More on:
Money

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Day trading may provide you with an adrenaline kick and potentially even decent returns, but statistically it creates far more losers than winners.

Cory Michael from Vantage Point Trading told Forbes: "The success rate for day traders is estimated to be around only 10%, so …90% are losing money."

But those in the 10% aren't necessarily winning. Mr Michael added: "Only 1% of [day] traders really make money."

In light of this, I think investors interested in building their wealth should consider a more prudent investment strategy that involves buying and holding shares over the long term.

With that in mind, here are three ASX shares that I believe investors should consider:

Afterpay Ltd (ASX: APT)

The first share to consider buying is Afterpay. I think this payments company would be a great option for long term focused investors. This is due to the continued success of its international expansion which I expect to drive further strong underlying sales and customer growth for a long time to come. Especially if it decides to expand into mainland Europe and Asia.

Cochlear Limited (ASX: COH)

Another option to consider is Cochlear. It is a hearing solutions company which I feel could be a long term market beater. I believe its outlook is very positive due to the ageing populations tailwind. This is because as people age their hearing will tend to fade and require some form of assistance. I expect this to lead to increasing demand for hearing solutions products over the next couple of decades.

Pushpay Holdings Group Ltd (ASX: PPH)

Pushpay is another payments company to consider. It provides a donor management platform to the faith, not-for-profit, and education sectors. The company has carved out a leadership position in the sector and has been experiencing very strong demand for its offering. The good news is that it is still only scratching at the surface of its sizeable market opportunity. This could mean there is still plenty more growth to come from this rapidly growing tech company.

James Mickleboro 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 and has recommended PUSHPAY FPO NZX. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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.

More on How to invest

A couple cheers as they sit on their lounge looking at their laptop and reading about the rising Redbubble share price
How to invest

$20,000 in savings? Here's how to target $1,000 of passive income each month

This could be the easiest way to build a meaningful passive income from the share market.

Read more »

Three happy office workers cheer as they read about good financial news on a laptop.
How to invest

The 3 rules new ASX share investors should always follow

These rules could help you generate wealth in the share market.

Read more »

Person holding Australian dollar notes, symbolising dividends.
How to invest

How to build a $1,500 monthly income stream with ASX dividend shares

It isn't as hard as you think to build a monthly income stream on the share market.

Read more »

A smiling woman sits in a cafe reading a story on her phone about Rio Tinto and drinking a coffee with a laptop open in front of her.
How to invest

How to start your ASX share portfolio with just $1,000

Investing doesn't need to be hard. Here's an easy way to start.

Read more »

Happy young woman saving money in a piggy bank.
How to invest

How I'd invest $250,000 in Australian dividend stocks to never worry about money again

Here are a number of stocks that could be top options for income investors with money to put into the…

Read more »

Warren Buffett
How to invest

5 easy steps to invest like Warren Buffett with ASX shares

It isn't as hard as you might think to invest like the Oracle of Omaha.

Read more »

A man leaps from a stack of gold coins to the next, each one higher than the last.
How to invest

Charlie Munger's 3 brutal steps to building wealth

Munger's advice still hits home.

Read more »

Person holding Australian dollar notes, symbolising dividends.
How to invest

Buy 3,401 BHP shares for $5,000 of passive income

Want a big income boost? Here's how to do it with this mining giant's shares.

Read more »