NET - Want $1 Million in Retirement? Invest $100000 in These 3 Stocks and Wait a Decade
2023-09-12 05:58:00 ET
Only 10% of American retirees have more than $1 million in retirement savings at the time they retire, according to the Federal Reserve's 2019 Survey of Consumer Finances (its most recent survey). That low percentage is troubling since a recent survey by Schwab revealed that most Americans believe they need an average of $1.8 million to retire comfortably.
But if you've saved up at least $100,000, have a decade to spare, and are willing to ride out a few market downturns, you can still retire with more than $1 million by buying a few evergreen growth stocks.
Assuming their valuations and margins hold steady, you could turn $100,000 into $1 million by investing in companies that can grow their revenues at a compound annual rate of at least 26% for the next 10 years. Maintaining that kind of growth isn't easy, but I believe these three disruptive companies have a shot at achieving it: Cloudflare (NYSE: NET) , CrowdStrike (NASDAQ: CRWD) , and Snowflake (NYSE: SNOW) .
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Want $1 Million in Retirement? Invest $100,000 in These 3 Stocks and Wait a Decade