Want $1 Million in Retirement? Invest $100,000 in These 2 Stocks and Relax for a Decade

These two Canadian high-growth stocks could help you retire a millionaire in a decade or earlier.

| More on:
Couple relaxing on a beach in front of a sunset

Image source: Getty Images.

If you want to retire super rich without any financial worries, you must consider investing your hard-earned savings in stocks for the long term. While it’s a wise decision to invest a large part of your retirement portfolio in defensive dividend stocks, you can also consider investing a part of it in some undervalued, high-growth stocks. By doing so, you could get spectacular returns on your investments if you follow the Foolish investing philosophy by taking the long-term approach.

In this article, I’ll highlight two of the best high-growth stocks in Canada that could help you retire a millionaire if you can invest about $50,000 in each of them now and hold for nearly a decade.

My first Canadian growth stock pick for retirement planning

When you’re investing to plan a dream retirement, you must pick stocks very carefully, as you may want to avoid investing in some fundamentally weak stocks that could increase your risk exposure. With that in mind, Nuvei (TSX:NVEI) could be one of the top growth stocks to consider.

It’s a Montréal-based payment technology solutions provider with a market cap of $5.2 billion. While Nuvei has continued to beat Street analysts’ quarterly earnings estimates in 2022, its stock has seen 54.6% value erosion this year to trade at $37.25 per share due mainly to a recent massive crash in tech stocks. By comparison, the TSX Composite Index has seen nearly 6% value erosion on a year-to-date basis.

Despite facing inflationary pressure, Nuvei managed to maintain a positive adjusted earnings growth in the September quarter with the help of a solid 30% YoY (year-over-year) increase in its total volume. While ongoing macroeconomic challenges might trim its earnings growth in the short term, its long-term financial growth outlook remains solid, with consistently rising demand for its payment technology services globally. Given that, an over 50% decline in its stock this year could be an opportunity to buy this amazing Canadian growth stock at a big bargain.

And another growth stock to multiply your money fast

BlackBerry (TSX:BB) could be another great stock to consider if you want to multiply your money for your retirement. It currently has a market cap of $3.4 billion after losing 49.5% of its value this year to trade at $5.97 per share.

This Waterloo-based tech firm makes most of its revenue by selling its cybersecurity solutions to public and private organizations across the world. However, what I find most interesting about BlackBerry is the future growth prospects of its IoT (Internet of Things) segment. Notably, the company has been developing artificial intelligence and machine learning-based advanced technological solutions for futuristic mobility for the last few years.

As the global automotive industry is changing rapidly, the demand for such technological solutions is expected to grow exponentially in the next decade, which should help BlackBerry’s financial growth to accelerate significantly in the coming years. This is one of the key reasons why I expect BB stock to skyrocket in the long term.

Bottom line

By investing $100,000 in these two beaten-down, high-growth Canadian stocks right now, you can expect to retire a millionaire after a decade or even sooner. However, it’s always recommended that you diversify your stock portfolio by including more such fundamentally strong stocks in it instead of pouring in a big amount of your savings in just two stocks — especially when you’re investing for your retirement.

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.

The Motley Fool has positions in and recommends Nuvei. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Tech Stocks

Man holding magnifying glass over a document
Tech Stocks

Watching This 1 Key Metric Could Help You Beat the Stock Market

One key metric that Buffett looks at is the return on equity. Here's why you should watch it.

Read more »

Daffodils in bloom
Tech Stocks

2 Best “Magnificent Seven” Stocks to Buy in April

Two surging mega-cap tech stocks are the best buys among the “Magnificent Seven” this April.

Read more »

clock time
Tech Stocks

Up 47%, Is it Time to Buy Payfare Stock?

Payfare (TSX:PAY) stock has been rising higher in the last six months after dropping significantly since 2021. Is it time…

Read more »

Clock pointing towards a 'sell' signal
Tech Stocks

2 Canadian Growth Stocks to Buy and 1 to Sell

Financial growth stocks like EQB Inc (TSX:EQB) are much cheaper than tech growth stocks.

Read more »

Target. Stand out from the crowd
Tech Stocks

The Most Expensive Stock in Canada Is a Top Buy Today

This stock might be expensive, but it's proven time and again that it's worth its weight in gold. And it's…

Read more »

Upwards momentum
Tech Stocks

CSU Stock: The Best Canadian Growth Stock Pick in Tech?

Constellation Software (TSX:CSU) stock could be in for a bit of dip over the nearer term.

Read more »

Volatile market, stock volatility
Tech Stocks

Nvidia Stock Is Falling Into a ‘Correction.’ Time to Buy the Dip?

Nvidia (NASDAQ:NVDA) has seen shares surge in the last year, but have entered correction territory after dropping over 10% from…

Read more »

Tech Stocks

Is Constellation Software Stock a No-Brainer Buy?

Even the most consistent stocks are not infallible and may be vulnerable against certain conditions. So, it’s worth researching even…

Read more »