Although it may be an arbitrary number, many investors dream of creating a million-dollar portfolio. Fortunately, growth stocks could help you reach that goal faster. Although, it’ll certainly take a lot of discipline and patience to see that through. In this article, I’ll discuss three stocks that investors should consider buying today. I think these three companies have very promising futures and could help you retire as a millionaire.
This is my top growth stock
If I could only invest in one growth stock, it would be Shopify (TSX:SHOP). This company is unique because of its role in helping push the e-commerce industry. Very few companies in the world play a role as important as Shopify.
This company provides a platform and all the tools necessary for businesses to operate online stores. Its clientele includes everyone from the first-time entrepreneur to some of the largest companies in the world. In 2021, Netflix (NASDAQ:NFLX) announced that it would be opening its online merch store, powered by Shopify.
In its most recent earnings presentation, Shopify reported that its third-quarter (Q3) revenue had increased 22% year over year. That’s a very promising growth rate, considering the major headwinds that the company has faced this year. I believe the consumers of tomorrow will rely on e-commerce a lot more than we do today. If that comes to be true, then Shopify could be a major winner in the long run.
This stock has a very good chance of becoming a major winner
Topicus.com (TSXV:TOI) is the next stock that Canadians should consider investing in today. This stock first reached my radar because of its close ties with Constellation Software. In fact, prior to its initial public offering, Topicus was a subsidiary of the aforementioned tech conglomerate. Since the split, Topicus has managed to emerge as a top growth stock in its own right, while maintaining important ties with its former parent company.
In 2022, Topicus has managed to acquire more than 20 vertical market software businesses. This indicates that the company aims to follow a very aggressive merger and acquisition strategy. By focusing on the European tech industry, Topicus gives itself the opportunity to become experts in a specific market. That could help propel its future growth and gives Topicus a clear advantage on its competitors, which may have their focus more spread out across the globe.
The telehealth industry still has a long growth runway
If you’re looking for a high-risk, high-reward stock, then consider WELL Health Technologies (TSX:WELL). This company is one of the leading players in the Canadian telehealth industry. It should be noted, however, that WELL Health has managed to expand into the massive U.S. health industry over the past couple of years.
What makes WELL Health a risky stock is the fact that the telehealth industry isn’t very proven at this point in time. We know that it could be a great addition to our struggling healthcare industry. However, it’s unclear how much demand exists in the space. If WELL Health can continue to grow as it has over the past couple of years, it could be a major player in the global telehealth industry. What’s left to see is how big this industry can grow. Investors that get in now could be looking at major gains over the next decade.
