Stocks to buy

3 Top Growth Stocks to Make You the Millionaire Next Door

The Millionaire Next Door is a timeless book that explores the habits ordinary people use to become millionaires. The book demonstrates how achieving a 7-figure net worth can be attainable if you control your consumption and prudently save and invest your money.

The concepts in the book aren’t flashy, and not everyone surveyed in the book had 6-figure salaries. Instead of a get rich quick scheme, The Millionaire Next Door offers a more reliable path filled with hard work and self-discipline. The common rule among these ordinary millionaires is long-term investments in reliable assets, usually blue-chip stocks.

Buying stocks each month and letting your returns compound over time can help you on the journey to becoming a millionaire. These top growth stocks to buy have solid business models that have stood the test of time and have the potential to increase your wealth.

Broadcom (AVGO)

Source: Sasima /

Broadcom (NASDAQ:AVGO) is a semiconductor stock with a 19.68 P/E ratio and a dividend that has been going strong for over a decade. The company has a dividend payout ratio of just above 40% and a dividend that has more than doubled in the past five years.  

The company has strong top and bottom line growth which has translated into juicy profit margins. FY 2022 revenue reached $33.2 billion, representing 21% year-over-year growth. Net income also jumped to the tune of 70.7% year-over-year, from $6.7 billion to $11.5 billion. During the most recent earnings call, Broadcom’s leadership projected $8.9 billion in revenue for Q1 2023. Achieving this benchmark represents a 16% increase from last year.

Rising profits and revenue suggest more dividend hikes to come, and recent news further supports Broadcom’s long-term viability. Apple (NASDAQ:AAPL) recently announced a multibillion-dollar deal with the semiconductor giant for U.S. made chips.

Semiconductors are an integral part of society, and Broadcom is one of the top firms in the industry. Broadcom’s partnership with Apple further solidifies the company’s business model and can quietly achieve the status of being a top growth stocks for millionaires. 

Visa (V)

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Visa (NYSE:V) is another top growth stock with healthy profit margins and steady top and bottom line growth. The stock’s performance has been sideways over the past two years, but it is up over 70% over the past five years. 

Visa is one of the premier credit card companies alongside Mastercard (NYSE:MA) and American Express (NYSE:AXP). However, Visa has better profit margins than both credit card companies and a lower P/E ratio than Mastercard, the closest competitor. Visa currently has a 30.05 P/E ratio supported by double-digit net income growth.

Visa doesn’t have the best dividend yield right now if you are an income investor. While its yield is currently below 1%, the company’s dividend payout ratio of 21% suggests the company can comfortably maintain and grow the dividend in the future. Visa has raised its dividend by 40% in the past two years.

The corporation’s business model revolves around credit and debit card transactions. These cards are an essential part of people’s lives that make it easier to buy and sell goods and services. Visa’s strong moat and attractive profit margins help make it one of the more promising millionaire-making growth stocks.

Alphabet (GOOG, GOOGL)

Source: IgorGolovniov /

Alphabet (NASDAQ:GOOG,NASDAQ:GOOGL) is the top company in the online advertising space by market cap and revenue. The firm carries a 28.13 P/E ratio with a net profit margin above 20% and a reasonable 1.14 PEG ratio. 

Although the company has defined how a generation finds information and does research, the company has faced headwinds recently. Google has posted multiple quarters of single-digit revenue growth which is a far cry from the peak of FAANG stocks. Revenue has been in the red for a few quarters, but Alphabet’s cost cutting efforts minimized losses in Q1 2023. Alphabet saw its net income slide 8.43% year-over-year in that quarter compared to a 34.0% year-over-year drop in the prior quarter. 

The stock may experience continued turbulence due to the economic environment. The growing cloud business and recent profits in that segment can help offset some of the slowdowns in advertising. However, Google remains an appealing long-term investment due to its presence in the online advertising industry and high profit margins. The company stands to gain the most when the online advertising industry recovers.

On the date of this publication, Marc Guberti held a LONG position in AVGO. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Marc Guberti is a finance freelance writer at who hosts the Breakthrough Success Podcast. He has contributed to several publications, including the U.S. News & World Report, Benzinga, and Joy Wallet.

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