3 Stocks to Make You the Millionaire Next Door: 2024 Edition

Stock Market

Some growth stocks keep powering ahead. While not immune to market downturns, certain stocks seem to decline less and recover faster than other securities. These are often large technology companies with multiple business lines and catalysts to propel share prices upwards.

For investors, these growth stocks can help to compound gains and grow a portfolio. Over time, a few of these winning stocks can add up, making investors wealthy. Famed investor Warren Buffett hits the nail on the head. To paraphrase, a person only needs to hit a few homeruns in their investing career to achieve success.

Let’s explore three stocks to bring in the millions for you.

Meta Platforms (META)

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Handwringing persists over Meta Platforms’ (NASDAQ:META) recent news. CEO Mark Zuckerberg sold $428 million worth of stock (1.8 million shares) during the final two months of 2023.

The stock gained 194% in 2023 and increased threefold from a seven-year low reached in November 2022. The share sale was the first by Zuckerberg in two years. While noteworthy, the fact that Zuckerberg sold Meta stock shouldn’t worry investors too much.

In fact, Zuckerberg still owns 13% of Meta Platforms. So, that makes him the seventh-richest person in the world with a net worth of $125 billion. Additionally, Meta Platforms remains a best-in-class tech stock, looking fairly valued at current levels and likely has room to run.

META is currently trading 10% below its all-time high of $382.18 reached in September 2021. And. the median price target on the shares is nearly 15% above current levels. Therefore, Meta Platforms should continue to be a long-term winner for shareholders.

Eli Lilly (LLY)

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The market downturn to start the New Year hasn’t impacted pharmaceutical company Eli Lilly (NYSE:LLY) one bit. In fact, the share price has risen 8% since Jan. 2.

The upward move comes after LLY announced a new pathway to sell its popular weight loss drug. Zepbound will be sold direct-to-consumers (DTC) via a new website and home delivery. The new DTC strategy is called “LillyDirect.” It comes as the company races to keep up with red hot demand for its powerful new weight-loss drug. Zepbound received regulatory approval last fall.

Concurrently, Eli Lilly is taking legal action against certain companies selling knock-off versions of its weight loss drug Zepbound. Most of the lawsuits target overseas online pharmacies that are reselling its medication or offering slightly altered versions of it. Analysts have applauded both the DTC marketing approach and crackdown on illegal versions of Zepbound. The weight loss medication is expected to boost Eli Lilly growth its global sales to over $100 billion through 2030.

LLY stock has increased 73% over the past year and is up 450% in the last five years.

Microsoft (MSFT)

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Microsoft (NASDAQ:MSFT) continues to build on its leading position in artificial intelligence (AI).

The latest news is that keyboards on future Windows personal computers (PCs) will include a “Copilot” key. So, it will give users immediate access to the company’s AI assistant. The addition of the Copilot key is being called the most significant change to the Windows keyboard since 1994. That was the year MSFT introduced the “Start” menu key. And, it is further evidence of Microsoft’s dominant role in AI.

Additionally, CNN Business has named Microsoft’s Satya Nadella “CEO of the Year” for 2023. In awarding Nadella the honor, CNN Business noted that Microsoft is a highly diversified company that has moved away from its historic reliance on sales of its Windows operating system.

Recent wins for the company include investing $13 billion in privately held start-up OpenAI. Also, MSFT has added AI tools to its Bing search engine, completed the acquisition of video game maker Activision Blizzard, and grown its cloud computing unit.

MSFT stock has increased 62% over the last 12 months and is up 265% over the past five years. Many analysts expect the company to lead gains in mega-cap tech stocks in the year ahead.

On the date of publication, Joel Baglole held long positions in LLY and MSFT. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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