Despite popular belief, most millionaires did not become so overnight. In fact, the most straightforward way to becoming a millionaire is through detailed research of the company valuation and stock market, patient and methodic investing approach, and close observation of the current economic trends. In other words, growth investing is your best bet to reach a net worth of a million dollars, and today’s article will list three must-buy stocks for serious growth for you to consider buying.
What are growth stocks?
In other words, certain companies’ fiscal performance indicates a strong potential for extended growth. Such stocks tend to be pricey, but being relatively confident they will keep growing still presents a lucrative prospect for investors.
3 must-buy growth stocks
Growth stocks appear in bullish market trends and stand out due to their positive earnings, growth rates, and cash flow. We have identified three growth stocks to build a millionaire portfolio, with examples of people earning millions from such stocks.
Nvidia (NVDA)
Nvidia (NASDAQ: NVDA) is currently the most valuable semiconductor company. As of April 25, its stock price surged over 60% since the start of the year, owing to the exceptional performance in the artificial intelligence department.
As it stands, it has the best chips on the market, and the company’s financials are feeling it. More importantly, Wall Street analysts believe the stock will continue growing a year from now, potentially climbing more than 25% in value.
In fact, the U.S. congresswoman Nancy Pelosi, a well-known investor in her own right, has a significant stake in Nvidia. Moreover, with 21%, it is the single largest component of her stock portfolio. She has spotted value in the stock early, and her shrewd stock investments have recently earned her a million in a single day.
Nvidia Corporation is an American-based software and fabless company manufacturing graphics processing units (GPUs), application programming interfaces (APIs), and system-on-a-chip units (SoCs) with diverse applications across various sectors and industries. Additionally, it is an AI hardware and software powerhouse.
Nvidia’s stock is a component of the Nasdaq-100, S&P 100, and S&P 500 indices. It trades on NASDAQ under the NVDA ticker symbol.
Nvidia stock price
As of April 25, Nvidia stock price is $796.77, representing a significant growth of 194.25% in a year-to-year price.
Microsoft (MSFT)
As the world’s largest software maker, Microsoft (NASDAQ: MSFT) requires little introduction, as you are likely reading this from a device using an operating system made by this tech giant. What should be mentioned is that Microsoft stock has been steadily rising in price for years, and although the market has richly evaluated it, it still achieved a remarkable 46.35% year-to-year stock price increase. As such, it is an excellent example of a millionaire growth stock.
Microsoft has stellar long-term potential. It holds a dominant share of its target market, as roughly 70% of personal computers operate on its software. Additionally, the company is heavily involved in cloud computing and artificial intelligence, two fields experiencing booms. Wall Street experts take everything into consideration and project an average stock price increase of 16.71% in 12 months.
Remember Pelosi? Well, Microsoft represents 18% of her stock portfolio, contributing significantly to her net worth.
Microsoft’s stock is a component of the Nasdaq-100, DJIA, S&P 100, and S&P 500 indices. It trades on NASDAQ under the MSFT ticker symbol.
MSFT stock price
As of April 25, Microsoft stock price is $409.06, reflecting an increase of 9.42% in a year-to-date price.
Block (SQ)
Despite crashing along with Bitcoin in 2022, Block (NYSE: SQ) has recently witnessed a seemingly surprising surge. However, a careful look into the company’s fiscal history shows significant expansion efforts that have cemented its status as one of the fastest-growing stocks on the market.
Formerly Square, Block has been drifting away from conventional fintech and moving towards embracing blockchain technologies and crypto. Its portfolio of products, including Square, Cash App, Bitkey, and TBD, has progressively incorporated crypto technology in its payment options.
In Q3 2023, the company posted its first profits in a while, with a 24% revenue increase to $5.62 billion and a 21% rise in gross profit to $1.9 billion. This positive trend continued in Q4 2023, with a 24% surge in net revenue to $5.77 billion and a 22% increase in gross profit to $2.03 billion.
Wall Street analysts have caught a whiff of the company’s rapid rise. They are currently estimating the Block stock price to be 22.14% higher on average in 12 months than it is today.
Block’s stock is a component of the Rusell 1000 index. It trades on the NYSE under the SQ ticker.
SQ stock price
As of April 25, Block stock price is $74.03, reflecting an increase of 15.82% in a year-to-year price.
3 must-buy stocks for serious growth – the bottom line
Unless you find a pot of gold, becoming a millionaire is a serious investing process that takes time, effort, and attention. By showcasing these three growth stocks, hopefully, we have made the process that much easier.
While we cannot guarantee you’ll become a millionaire, there are solid indications that the value of these stocks will rise in the future. If that’s the case, buying them right now could be the first step in the process.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
