2 Millionaire-Maker Stocks Set to Make More (2024)

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A “curse” of high-growth stocks, especially the ones that have been growing at a strong pace for years, is that investors start thinking that maybe it has run out of steam.

All growth stocks can be millionaire-maker stocks, given enough time, consistency of growth, and the amount of capital you are investing. All these “ingredients” have to be in the right proportion to make a millionaire-maker portfolio.

These proportions are different for each stock. Some high-growth stocks can make you a millionaire within a decade with just $50,000 capital, while others may require 30 years to achieve that.

The problem with a longer timeline is that it increases the level of uncertainty. The longer you project, the more unknown variables there might be, and they can push the actual performance away from your projected ones.

Then, there is also the fear that a high-growth stock may have run the course of its growth and may stabilize instead of growing. However, one stock that has defied this expectation for decades and another that’s regaining its traction on the road to growth might help you add solid growth to your portfolio.

A tech giant

Tech stocksare well-known for rapid growth, but when it comes to long-term consistency, they do not score as well. That’s especially true if you start measuring in terms of decades instead of years. However, there are a few exceptions to this phenomenon, and Constellation Software (TSX:CSU) is easily the most noticeable one.

This tech giant has been growing steadily since its inception in 2006, and its value has appreciated over 20,000% over that period. This is exceptional even for a tech stock, which tends to be the most aggressive grower in the TSX.

Realistically speaking, that’s not a practical benchmark to set your growth projections upon, but its current growth pace is quite exceptional as well. It rose by about 289% in the last five years, and if you throw the dividends in the mix, the overall growth for the period is over 340%. So, even this slowed-down version of its former growth is enough for compelling portfolio growth.

A financial company

goeasy (TSX:GSY) is an alternative financial company that offers non-prime loans to people who, because of their weak credit rating/score, do not qualify for personal loans from conventional banks. That wasn’t the financial product the company started with, and the original business model was built around lease-to-own products, but it was the product that gave the company a solid boost.

Its footprint (400 locations) and the number of customers it has catered to are comparable to a small bank and large credit unions. As a stock, it has rewarded its investors with both rapid growth (albeit a bit inconsistently) and generous dividends. The overall growth, if we look at just the last 10 years, has been quite impressive. The stock rose almost 880%, and with dividends, the returns rose to over 1,150%.

The stock is currently reeling from a correction phase and has risen almost 50% in the last four months. If it keeps growing at this pace or accelerates to its pre-pandemic growth phase, it can offer solid returns in the coming years.

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Foolish takeaway

It’s difficult to predict how long the current bull marketphase of the two stocks will last. But for now, there are no signs indicating that the growth will slow down anytime soon.

You may be able to ride that momentum for years to come without experiencing a significant decline in your capital, and even if the momentum starts waning for good, you may have ample time to determine whether to sell or hold.