4 Amazing Stocks That Can Turn $150,000 Into $1 Million by 2035

For the past 17 months, Wall Street could seemingly do no wrong. Since hitting its pandemic bottom on March 23, 2020, the benchmark S&P 500 has more than doubled in value.

Although some investors might be leery about putting money to work in the stock market with the widely followed S&P 500 near an all-time high, history has shown time and again that buying great companies and hanging onto them for long periods of time is a strategy that’s produced countless winners.

In fact, the following four amazing stocks have the potential to make investors millionaires by the midpoint of the next decade. If you have $150,000 to invest, these innovative companies could turn your initial investment into $1 million by 2035.

Image source: Getty Images.

Square

Don’t be fooled by fintech stock Square‘s (NYSE:SQ) monster rally since the pandemic bottom. While it could undergo small periods of underperformance to the broader market, the company’s two core revenue drivers offer more than enough potential to turn a $150,000 investment into $1 million in 14 years, or less.

For more than a decade, Square’s seller ecosystem has been its foundational operating segment. This is the operating division that provides point-of-sale devices, loans, and analytics to merchants to help grow their business. In the seven years leading up to the pandemic, gross payment volume on its payment network grew by an annualized average of 49% to $106 billion. With larger merchants utilizing the platform, Square’s seller ecosystem is a good bet to deliver higher gross profit over time.

What’s far more exciting over the long term is Square’s digital peer-to-peer payments platform Cash App. In just three years, Cash App’s monthly active user count more than quintupled to 36 million. Even more impressive, Square is generating $55 in gross profit per user, while spending only around $5 to attract each new user.  With Cash App offering multiple new sales channels, it should become Square’s leading profit generator.

The icing on the cake is the recently announced acquisition of buy now, pay later company Afterpay, which’ll link Cash App to the seller ecosystem.  By the midpoint of the next decade, Square may well be a $1 trillion company.

Image source: Getty Images.

EverQuote

On the other end of the spectrum is online insurance marketplace EverQuote (NASDAQ:EVER), which clocks in at a market cap of just over $600 million, as of Sept. 8. Despite insurance and advertising being relatively boring industries, EverQuote offers sustainable double-digit potential for a long time to come.

According to EverQuote, the U.S. insurance industry is slated to grow by an annual average of 4% through 2024. By comparison, digital ad spend within the insurance industry should grow by 16% annually over the same time frame. This is where EverQuote is making its home.

For consumers, EverQuote’s online marketplace is providing a way to quickly price-compare policies…