Want to Build Life-Changing Wealth? 2 Unstoppable Stocks to Buy Now and Hold
Day trading is often portrayed in a glamorous light, but the reality is much less appealing. According to a recent study, just 3% of day traders are profitable during an average year, and a mere 1.1% make more than minimum wage. So, if you want to build life-changing wealth, the first thing you'll need is a long-term mindset. A buy and hold strategy blunts the impact of transient market volatility, and it also means you pay less in taxes because short-term capital gains are taxed more aggressively.
Of course, you will also need a diversified portfolio of high-quality stocks, and that's the tricky part. There's no magic formula to identify smart investments, but I typically start by looking for companies with three qualities: a competitive advantage, strong revenue growth, and a whopping market opportunity. For instance, Airbnb (NASDAQ: ABNB) and Intuit (NASDAQ: INTU) check all three boxes, and both look like the building blocks of a market-beating portfolio.
Image source: Airbnb.
Source Fool.com
