Many investors dream of the day that they can call themselves a millionaire. Although being a millionaire doesn’t have the same buying power it did a decade ago, being able to call yourself one still gives you a certain status in society. That’s why, for many investors, building a million-dollar portfolio is a clear goal that they’d like to achieve. In this article, I’ll discuss three stocks that could help you generate $1 million by the time you retire.
A stock that has already created many millionaires
If you’re looking for a stock that can help you become a millionaire, look no further than a stock that has already done that for many Canadians. Constellation Software (TSX: CSU) is one of the most successful stocks in Canadian history. It has generated nearly 20,500% in returns since its initial public offering (IPO) in 2006. If you had invested $10,000 around the time of its IPO, then it’s likely you’d be sitting on about $2 million today.
However, it’s safe to say that the vast majority of Canadians didn’t do that. But I think you still have a chance to generate some big returns if you invest in this company today. Constellation Software remains committed to growing its business each and every year. It’s resulted in this stock continuing to grow at a very fast rate. Over the past year, Constellation Software stock has gained about 60%. Yes, this company has already grown a tremendous amount. But it’s not even close to being done.
Another tech stock that could help you become a millionaire
Shopify (TSX: SHOP) is another company that I think could help Canadians become a millionaire. It’s a leader within the global e-commerce industry. For those who aren’t familiar, Shopify provides a platform and many of the tools necessary for businesses to operate online stores. It offers a wide range of services that can cater to first-time entrepreneurs as well as large-cap enterprises. Because of that inclusivity, Shopify has had no difficulties in growing its business.
Shopify is a very polarizing stock. Many investors think its best days are behind it, while some think we’re still close to the beginning of its growth story. Personally, I don’t understand how you can’t be part of the latter. The global e-commerce industry will only continue to grow as future generations become more accustomed to online shopping. Consider how many countries still feature a low penetration of online shopping. This stock still has tons of room to grow.
Don’t sleep on industrial companies
Finally, I think investors should really consider opening a position in WSP Global (TSX: WSP). This is a massive change of pace from the first two stocks mentioned because it doesn’t operate in the tech sector. No, WSP is an industrial stock. The company specializes in consultation services across a variety of industries.
WSP may already be one of the world’s largest consultation firms, but I strongly believe the company will continue to grow. Yesterday, the company announced its acquisition of Communica, one of Canada’s leading Indigenous and stakeholder engagement firms. Other examples of massive acquisitions in recent history include Golder and Wood’s environmental division. This is a big company with tons of room to grow.
