$1 million may not be as impressive a number as it once was, but it is still a commendable investment goal. Turning $50,000 into $1 million is no small feat. It takes time and strategy, but it is entirely achievable.
No matter the investor’s time frame, reaching $1 million is entirely achievable. Investors should primarily consider ETFs and index funds for most of their equity Investments, but individual stock investments also matter.
In particular, growth stocks are a strong bet. Growth stocks tend to be more volatile and can produce rapid returns over the short term.
Growth Stocks: MercadoLibre (MELI)
MercadoLibre (NASDAQ:MELI) Is Latin America’s leading e-commerce and fintech firm. It continues to be one of the best long-term growth stocks to consider.
As noted, Mercado Libre is both an e-commerce firm and a fintech firm. MercadoLibre generally refers to the e-commerce side, while its fintech business is known as Mercado Pago or market pay.
As Investments go, few have grown quicker than MercadoLibre over the past decade. The company has provided an average annual return of 31% over the last 10 years. That means an investor who put $1,000 into the stock 10 years ago would now have nearly $15,000.
Of course, Mercado Libre is well established now, so it won’t be as easy for the company to grow at such a rapid rate moving forward. However, there’s a lot to like regardless. For example, the company just saw its gross merchandise volume increase by 80% on Black Friday this year compared to Black Friday last year.
Investors seeking rapid growth will naturally be drawn to Nvidia (NASDAQ:NVDA) and its stock. The company is dominating artificial intelligence in 2023 and has provided very, very strong returns. In fact, Nvidia has provided extraordinarily outsized returns over the past decade.
Its annual returns over that period have averaged 62.6%, which is absolutely extraordinary. Take, for example, the Returns on $1,000 invested in Nvidia shares 10 years ago. That relatively small amount of capital would have grown into nearly $130,000 today.
Hindsight is 20/20, and Nvidia will almost certainly not grow at that rate moving forward. That said, Nvidia has all the potential in the world to provide very strong returns in 2024. The macroeconomic situation is improving. Further, Nvidia is set to release its H200 chip, which will likely see strong demand for all AI applications. Beyond that, industry experts and pundits repeatedly agree that Nvidia has the best talent and will likely continue producing the best technology.
Intuitive Surgical (ISRG)
Investors and analysts alike agree that Intuitive Surgical (NASDAQ:ISRG) will continue to be a smart stock choice. The company successfully developed the da Vinci Surgical System, which continues to see strong demand and growth overall.
The da Vinci system allows surgeons to do their job better. It improves healthcare delivery through smaller incisions with greater precision, all leading to shorter hospital stays and better outcomes.
From a fundamental perspective, few other healthcare stocks look as attractive. The company noted in its most recent earnings report that during the third quarter of 2019, Procedural volumes increased by 17% compounded annually. The company now has $8,265 da Vinci system bases installed overall. That’s a 13% increase over the same time last year. The company is also invested heavily in artificial intelligence. Investors and consumers alike continue to be interested in the application of AI to healthcare and surgery in particular. Intuitive Surgical clearly has a big opportunity ahead of it that could lead to continued strong growth.
On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.