3 Stocks That Could Turn $1,000 Into $2,000 by 2029
Growing your wealth over time can be easy work. Set up an investment portfolio that can deliver a compound annual growth rate (CAGR) of roughly 15%. Let it run for five years if you're looking to double your money. So, if you put $1,000 into that investment, you'd have $2,000 by the end of 2029.
Now, where can you find stocks promising to provide an average return of 15% per year for the next five years? First, you may not need a stock at all if an index-tracking exchange-traded fund (ETF) can get the job done.
An index fund tracking the venerable S&P 500 (SNPINDEX: ^GSPC) probably wouldn't quite do it, for example. The CAGR for this market tracker worked out to 12.6% over the last five years and -- for investors who prefer basing their decisions on more reliable long-term statistics -- 8.1% in the last three decades. Sure beats the average interest rate on savings accounts, but it won't double your money in five years.
Source Fool.com
