Could CVS Health Stock Help You Become a Millionaire?

If you want to become a millionaire, the stock market is one of the best places where you can accumulate wealth. The S&P 500 averages long-term returns of 10%. If you saved up $100,000 and generated those types of returns, it would take approximately 24 years for you to get to the $1 million mark. That means that even if you didn't amass that type of savings until you were in your early 40s, you could still become a millionaire by retirement.

However, if you don't want to invest in a broad exchange-traded fund (ETF) that simply mirrors the S&P 500, you can also build up your own portfolio of individual stocks. Today, I'll look at whether CVS Health (NYSE: CVS) may potentially be an investment that gets your portfolio to $1 million, all on its own.

One thing that a good growth stock needs to remain a solid buy over the years is an appetite for growth. And CVS definitely has that. In the past, it has even been preparing for the metaverse, securing patents for an opportunity that could be many years away from becoming a reality.

Source Fool.com