$2,000 Invested in These 2 Stocks Could Make You Rich

If you’re looking to get rich, now is the time to put even a little money aside for these stocks. Both have a solid future ahead even in this volatile market.

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The past six months have been a sober reminder of just what you get when investing. From peak to trough, the S&P/TSX Composite fell almost 40%. But yet from that market bottom, the TSX rebounded fairly quickly. As of writing, shares are back up about 38%, leaving many to think now is the time to buy up to get rich..

But now investors are wondering what to do in this uncertain future. Many analysts state there could be further market crashes down the road. So, should investors sell now and wait for a market bottom? Should they wait for things to cool off? Maybe.

However, if there’s one thing experienced investors know, it’s how to take advantage of quality stocks while they’re down and hold onto those stocks for decades. This is the steadiest path to getting rich.

VieMed

A decade from now, all baby boomers will have turned 65 by the end of 2030. That means by July 1, more than 5.7 million Canadians will be 65 years old and over. By 2063, that number will have more than doubled to 13 million Canadians. In just 10 years, 5.7 million people in our country could potentially need more care.

That’s where VieMed Healthcare Inc. (TSX:VMD)(NASDAQ:VMD) steps in. The healthcare service provider develops technology and equipment to increase the quality of life of its patients with respiratory diseases. But most importantly, this is all done at home.

In case you aren’t aware, the coronavirus has also been identified as at least in part a respiratory virus. Who knows what could be discovered about the virus in a decade from now? It could mean that a company like VieMed will be in more need than ever.

The company seems to have hit its stride recently, with its most recent quarter bringing in strong results. Net revenue for the first quarter of 20 20 increased 31% from the same time last year.

Net income increased an incredible 117% from the same time last year, with adjusted EBITDA for the quarter increasing by 76% to $7.9 million, a company record. This brought shares to an all-time high of around $15 per share, a surefire way to getting rich.

TD Bank

While the virus might be creating an opportunity for some companies, most have been hit hard by the pandemic. That’s especially true for the banking industry. Most banks had a poor outlook coming into 2020 due to a housing crisis potentially in the works.

With the COVID-19 pandemic hitting, this became a harsh reality. People were unable to pay loans, businesses closed, and banks have been unable to collect debts.

Where the opportunity does lie is with investors. Banks still trade well below fair value, and that’s true for a company like Toronto-Dominion Bank (TSX:TD)(NYSE:TD). TD Bank offers investors an amazing opportunity to buy up this blue-chip stock. The company is now one of the top 10 banks in America, yet it’s only in the beginning of its expansion into the country.

Meanwhile, it’s also expanded into the lucrative wealth and commercial management sector. These are areas that will not only bring in cash for decades, but will also provide a buffer as the U.S. is likely to rebound before Canadian markets do.

The last earnings reports have been pretty hard for the company. Most recently, it announced reported earnings of $1.5 billion — 52% lower than the same time last year, and adjusted earnings of $1.6 billion, down a similar 51%. But there are two things to note here.

First, the company has $1.7 trillion in assets as of April 30, 2020, and we’ll likely see bailouts from the federal government. Meanwhile, shares have risen steadily after bottoming out by about 40%. As of writing, shares have grown about 25%. That growth should continue for decades for those buying up to get rich.

Foolish takeaway

TD Chart

TD data by YCharts

You could try to time the markets. You could try to wait for a market bottom. You could sell everything and wait for the stocks to rebound before investing again. But what experienced investors advise is to buy quality stocks like TD Bank and VieMed and hold them for decades, buying at a discount when it’s available.

By doing this, you can put that $2,000 to work and see incredible returns over the next several decades. Getting rich could happen even sooner.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

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