If you have $2,000 sitting in a savings account, I would suggest you consider investing it into the share market.
After all, the potential returns on offer are vastly superior to the extremely low interest rates of 0.05% provided with savings accounts right now.
But where should you invest these funds? Here are two ASX shares that I would invest $2,000 into:
Afterpay Ltd (ASX: APT)
I think this payments giant could be a great option for that $2,000 investment. Although its shares have been on fire this year, I don’t believe it is too late to invest if you’re planning to make a long term investment in the company. This is because I feel confident the buy now pay later provider is well-positioned to become a payments giant thanks to the growing popularity of its platform with consumers and merchants and its global expansion opportunity.
In respect to the latter, Afterpay is launching into Canada shortly. After which, I suspect mainland Europe will be targeted and maybe even the Chinese market in the future. Especially after WeChat owner Tencent Holdings became a substantial holder a few months ago.
Nanosonics Ltd (ASX: NAN)
Another option for investors to consider investing $2,000 into is this infection prevention specialist. It is the company behind the industry-leading trophon EPR disinfection system for ultrasound probes. Although FY 2020 might underwhelm because of the pandemic, I expect this product and the growing recurring revenues it generates to underpin solid earnings growth during the 2020s.
This should be supported by the upcoming launch of several new products which are targeting unmet needs. Not a lot is known about these secretive products. However, the first one is understood to have a market opportunity of a similar size to the trophon EPR product. Given that this effectively doubles its total addressable market, if it is a success then Nanosonics’ growth could be given a significant boost.
5 stocks under $5
We hear it over and over from investors, “I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!” And it’s true.
And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!
*Extreme Opportunities returns as of June 5th 2020
More reading
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- Why these ASX tech shares are skyrocketing
- Top broker warns Afterpay and these ASX stocks could disappoint on profit results
- 3 stellar mid cap ASX shares to buy
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 Nanosonics Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Nanosonics Limited. 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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