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Safely Double Your Money in 3 Years With These Robust Growth Stocks!

A common question many beginner investors have is, how long will it take to double my money? While it’s certainly a natural question to ask, the answer is difficult, especially for an advisor who isn’t a fiduciary.

Financial advisors who aren’t fiduciaries may have their interests above their clients and may be incentivized to convince investors to purchase investment products that will maximize their commissions. And for those seeking to double-up quickly, an unethical advisor may pull out the “active management” card, claiming that “paying up” for active management will achieve superior results relative to the indices, thus improving the chances of getting a double in the shortest duration of time.

As a Foolish reader, you’ve already taken the initiative to take command of your financial situation by learning how the investment game works. And if I had to guess, you’ve already decided that you’re not willing to make somebody else rich by surrendering a +3% of your invested principal every single year. So, believe it or not, you’re already ahead of most other Canadian investors, and since you won’t be forking out a huge percentage of your money in the form of management fees, penalties, advisory commissions, and all the sort, you’re vastly reducing the time it’ll take for you to score a double.

In an up market, you could double your money every seven or eight years by investing in the S&P 500. But as you’re probably aware, it’s foolish to assume that no downturns are up ahead. With a downturn, which is probable, it could take 10 (or more) years to double up.

Now, seven to 10 years is a ridiculously long time to wait for a double, so if you’re looking to drop the time it’ll take, you’ll need to increase your risk tolerance and look to higher-growth gems like Constellation Software (TSX:CSU) or Canada Goose Holdings (TSX:GOOS)(NYSE:GOOS), two high-growth stocks that could realistically double in three years.

Constellation Software: A high-growth tech play at a reasonable multiple

Constellation Software is a tech M&A player that provides various pieces of software for various industries. When it comes to diversification in tech, Constellation is a one-stop shop and should be seen as an incubator for innovative tech firms with a better-than-average risk/reward trade-off.

Over the last 10 years, the company has posted an applaud-worthy 26.2% and 34.9% in revenue and EPS CAGRs, respectively. And given the company’s unique business model and the exceptional stewards on board, I’d say the momentum will keep going for many more years.

For such enhanced growth, you’d think Constellation would have an absurd multiple, but it doesn’t; shares trade at just 23.7 times forward earnings.

Canada Goose: A high flyer that’s caught the attention of international investors

Canada Goose is one of the highest-flying TSX-traded stocks. The company behind the incredibly popular and trendy luxury parkas is clocking in insane amounts of growth. And while I do not believe the growth is sustainable over the course of the next decade, I do believe there’s plenty of high double-digit top- and bottom-line growth (+35%) in store over the medium term.

The Goose is breaking into the hot Chinese market, and although there’s a big economic slowdown, I expect the Goose will continue to post incredible numbers as it continues to spread its swings in relatively untapped local markets.

CEO Dani Reiss is a genius — plain and simple. And despite the ridiculous multiple, I think Canada Goose is a buy if you’re no stranger to volatility and are willing to take short-term pain for huge long-term gain.

Stay hungry. Stay Foolish.

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Fool contributor Joey Frenette has no position in any of the stocks mentioned. Constellation Software is a recommendation of Stock Advisor Canada.

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