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This is how the foundations are laid with growth stocks now to be a millionaire in 10 years

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Dividend Exponential Chart Stock Market Success Price Doubling Tenbagger Stock

I still stand by this: With growth stocks, meaning high-growth opportunities, you have the best chance of becoming a millionaire. High-growth business models are and will continue to be a source of exceptional profitability. Even if many of these dynamic stocks have now been significantly crushed.

To me, that really just increases the return potential. Or the opportunity to become a millionaire with cheap growth stocks. The way you should proceed is quite simple. However, in this article we want to see a 3-point plan.

Become a millionaire with growth stocks – buy low, buy big!

The first aspect actually comprises two points. If you want to become a millionaire with growth stocks, you have to buy cheap on the one hand. In any case, now is an ideal market phase to get a lot of quality at a significantly lower price. But buying a lot is also part of it. Of course, you get more shares on the most favorable terms, which can also be a catalyst.

Still, that’s not all. Taking the opportunity now on a large scale increases the chances of becoming a millionaire. For example, if you invest 10,000 euros, you would have to multiply your bet 100 times to get the six zeros. That is not out of the question. But with 50,000 euros or 100,000 euros, the requirements are reduced to 20 or 10 times more.

That too is still ambitious. But with growth stocks and time, it is possible. At least if you buy cheap and trust a potential multiplier. And use the favorable opportunities on a larger scale.

Better go for the width!

To become a millionaire with growth stocks, I need some breadth. Many of these stocks trade the future. They often have innovative and exciting business models that sound like science fiction until they contribute to a change in society. Or not.

This is very important: not all growth stocks have to have a golden future. Some business models do not sit. Or not as strong, which is why stocks are lagging a bit. The chance of hitting the target increases if you invest widely and in as many stocks as possible.

Therefore, a large portfolio of growth stocks indirectly increases the probability of becoming a millionaire. Everyone wants to invest all their funds in one of the top stocks that is rising 100 times. However, these opportunities are not so simple and clear.

Become a millionaire with growth stocks: wait 10 years or more

If you want to become a millionaire with growth stocks, you also need a lot of patience. We speak in the title of ten years. For me, this is a good period where changes can make themselves felt. Or, however, where strong growth has an effect and a company can become sustainably profitable.

But it is also a period that makes you forget individual volatile phases. Looking at the market now in the short term is one thing. But accompanying a vision and a solid company for as long as possible by holding a stock is the true asset multiplier. Investors should aim for the compound interest effect.

How to lay the groundwork with growth stocks now to be a millionaire in 10 years first appeared in The Motley Fool Germany.

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Motley Fool Germany 2022

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