How do you target an element that is dynamically generated?

Question

Without using 'on' or 'setInterval' or 'setTimeout' (none of them works), how do I change the text of an element that is dynamically generated after a certain button is clicked. So far I've tried the setInterval combined with setTimeout but it didn't work.

$("#buttontoclick").click(function(){
  var changeElement = setInterval(function() {
      var targetElement = $(".parentclass").find(".dynamicallygeneratedclass");
      if (targetElement.length) {
        clearInterval(changeElement); changeElement = 0;
          targetElement.text('this is the new text');
      };
    setTimeout(function() {
      if (changeElement) {
        clearInterval(changeElement); changeElement = 0;
      } else if (!changeElement) {
      };
    }, 5 * 1000);
  });
});

I've also tried binding the dynamically generated child element with static parent element using 'on' but it didn't work either.

$(document).on('mouseover mouseout', '.dynamicallygeneratedclass', function(){
  $('.dynamicallygeneratedclass').text('this is the new text');
});