Given that many savings accounts offer base rates of just 0.05% per annum currently, I would sooner invest any spare funds into the share market than keep it in one of these accounts.
With that in mind, if you're lucky enough to have $10,000 spare to invest, then the ASX shares listed below could be top options.
Here's why I would invest this money into these shares:
Domino's Pizza Enterprises Ltd (ASX: DMP)
I think this pizza chain operator could be a top option for a $10,000 investment. It is the master franchise holder for Domino's in Australia, New Zealand, Belgium, France, the Netherlands, Japan, Germany, Luxembourg, and Denmark. Although its shares have been very strong performers this year, I would still invest due to its positive long term outlook.
Domino's is aiming to grow its global store network by 7% to 9% per annum for the next 3 to 5 years. At the same time, it is targeting same store sales growth of 3% to 6% per annum over the same period. After which, by 2033 the company is aiming to grow its network to 5,500 stores. This compares to the network of 2,668 stores it had at the end of FY 2020. If it delivers on these targets, then I believe it will lead to strong earnings growth over the next decade. This could make the Domino's share price a long term market beater.
Ramsay Health Care Limited (ASX: RHC)
Another ASX share to consider investing $10,000 into is Ramsay Health Care. While trading conditions are not easy for the private hospital operator right now due to the pandemic, I remain very positive on its long term prospects. This is because as the global population ages, demand for its services is likely to increase substantially. I feel this puts Ramsay and its sprawling global network of private hospitals in a strong position to deliver solid earnings growth for decades to come.
The company also recently hinted that it might be on the lookout for earnings accretive acquisitions. Management commented: "Ramsay is also committed to expanding our business both in Australia and overseas, in and out of hospital where there is a strategic fit and it meets our strict investment criteria. We have a strong balance sheet to support this growth strategy."
