If you’re looking to get richer this year, there are a number of ways to go about it. But let me tell you, the one way you don’t want to seek out high returns is by making risky investments.
It’s been shown time and again that unless you buy at practically the exact moment a share price starts to rise in a high-growth stock, you’re more likely to lose money than make it.
In that case, let’s go over three proven stocks that could continue to provide you with growth, along with riches, in 2024 for years to come.
Source: Getty Images
goeasy
If you want high rewards with lower risk, then goeasy (TSX: GSY) is certainly a strong investment to consider. goeasy has consistently posted robust financial results, with impressive revenue and earnings growth. This growth is driven by its two main business segments: easyfinancial (consumer lending) and easyhome (lease-to-own retail). The company has managed to grow its loan portfolio and improve its margins, which translates into higher profitability.
What’s more, goeasy stock operates in the non-prime lending market, which has seen substantial growth. The demand for non-prime credit solutions continues to rise as more consumers seek alternatives to traditional banking. goeasy has capitalized on this trend, expanding its customer base and loan originations.
As goeasy stock continues to prove its worth by easily abiding by newly assigned regulations as well as seeing record loan originations, it will likely continue to be a solid performer. And that should be for both 2024 and beyond.
Constellation Software
Another long-term provider of growth for riches is Constellation Software (TSX: CSU). CSU stock has a highly effective acquisition strategy, focusing on acquiring and managing vertical market software businesses. This strategy has allowed it to grow steadily over the years by integrating and improving these businesses, resulting in consistent revenue and profit growth.
Furthermore, the company has long demonstrated strong financial performance with consistent revenue and earnings growth. Its ability to generate significant cash flow and maintain healthy margins has made it a reliable performer in the stock market.
As the company’s acquisitions span a broad range of markets and industries, cornering niche markets, it has created a scalable business model — one that’s even allowed it to create spin-off companies. Overall, there may have been a lot of growth this year, but even more is on the way for CSU stock.
Celestica
Finally, you may have already heard of Nvidia (NASDAQ: NVDA), but have you heard about Celestica (TSX: CLS)? This company has been a strong performer from the growth in Nvidia stock. That’s because it, too, is involved in the semiconductor business.
Celestica stock has shown consistent improvement in its financial metrics, including revenue growth, profitability, and cash flow generation. The company’s ability to sustain and grow its earnings over time makes it an attractive option for investors.
Part of this is because Celestica invests in advanced manufacturing technologies. This includes automation, robotics, and Internet of Things solutions. These investments not only improve efficiency but also position the company to capitalize on emerging technological trends. And with a focus on high-growth markets and more advancements on the way, Celestica stock is certainly a strong choice for investors as well.
