Want to Get Rich? 3 Game-Changing Stocks to Buy Right Now

Stocks to buy

Navigating the stock market is a journey mixed with analysis, timing, and good fortune. But for those looking at wealth accumulation, there’s always the burning question: which are the stocks to buy to get rich? The investing landscape is riddled with tales of rags-to-riches, with carefully selected shares turning modest sums into vast fortunes. The allure of millionaire-maker stocks isn’t just a dream. It’s a reality for many who’ve meticulously plotted their financial paths.

At the same time, there are many crash-and-burn stories. For every Warren Buffett and Michael Burry, there are several stories of investors losing a ton of cash on taking a wrong turn. Ultimately, the stock market plays out as a game of attrition. If you pick and choose wisely, a lot of money waits on the table for a winner.

Everything boils down to one fundamental question: How well do you know the business you’re investing in? Your timing and patience also matter. “The stock market is a device to transfer money from the impatient to the patient,” Warren Buffett once famously said. The quote is true in every market cycle.

As we delve deeper, let’s focus on picking the right stocks. Remember, it’s not about chasing short-term spikes but understanding which stocks to buy with the potential for long-term growth. The key lies in identifying those hidden gems with robust prospects. And while the journey to wealth might be layered with challenges, the rewards can be transformational. Let’s embark on this expedition together.

Toyota (TM)

Toyota motor corporation logo on dealership building

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In the dynamic world of the stock market, certain names stand as timeless giants – and Toyota Motor Corp (NYSE:TM) is steadily carving its name even deeper into the annals of ‘Stocks to Buy to Get Rich.’ Over the past half-year, Toyota’s stock has surged an impressive 17%. It is a performance backed by its strong fundamentals.

The latest earnings reveal astonishing Q1 growth. With nearly doubled net income, standing at an impressive 1.31 trillion yen – a surge of 78% year-over-year. Notably, revenue surged 24% to 10.55 trillion yen for the iconic Japanese multinational automotive manufacturer.

Adding to this remarkable progress, Goldman Sachs (NYSE:GS) recently spotlighted Toyota, especially singling out its potential in the electric vehicle space. It is a big nod of approval. And for a good reason, too. With the EU experiencing an 18% surge in new car registrations and China’s auto sales soaring, marking the year’s first half with a 9.8% increase, Toyota stands to benefit immensely.

Despite the market challenges, their move to bolster EV development in China signifies foresight. Furthermore, the introduction of next-gen minivans in Japan and an impressive U.S. sales figure of 195,448 vehicles, up 14.9%, in June further underline the strength of this automaker. Given that earnings per share beat the mark by 43%, one might say that Toyota isn’t just driving on the right track. It is leading the race.

For investors seeking ‘Millionaire-Maker Stocks,’ Toyota’s robust fundamentals, combined with its strategic market positioning, make it not just a stock to watch, but a stock to buy. As we transition into an era dominated by EVs and sustainable solutions, Toyota’s moves suggest it’s more than ready for the journey ahead.

CVS Health Corp (CVS)

The front sign for a CVS Pharmacy, CVS stock

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Over the past six months, CVS Health Corp’s (NYSE:CVS) stock performance has faced headwinds, sliding roughly 24%. Investors searching for lucrative stocks might find this one a hidden gem.

The Woonsocket, Rhode Island-based company reported a 10% increase in revenue from the prior year, reaching $88.65 billion in the second quarter. Although net income declined by 37% and diluted EPS dropped by 35%, the numbers reveal deeper insights.

Indeed, despite these setbacks, CVS Health beat its expected June 2023 EPS by a remarkable 4%. This is a testament to the fact that while the company is restructuring, CVS Health is still a strong enterprise.

The narrative surrounding CVS Health’s second quarter is that it was only ‘decent,’ but what’s paramount is the forward momentum. Integration efforts are progressing well.

However, Blue Shield of California’s decision to substantially reduce its reliance on the company’s pharmacy benefit management services did send tremors through the CVS investment community. As an investor, it’s hard not to feel a jolt of concern.

The immediate aftermath? A dip in CVS Health stock. However, CVS continues to attract my attention because of its compelling valuation, long-term growth potential, and rich dividend. A juicy yield of 3.62% is nothing to scoff at. In addition, the company is swiftly adapting to challenges such as contract loss, which the company reassures has no imminent impact.

Overall, for those pondering over stocks to buy to get rich, CVS Health is a compelling proposition. After all, becoming a millionaire sometimes involves buying the dip. Be patient, and watch this phoenix rise from the ashes.

Chevron Corporation (CVX)

Chevron (CVX) logo on gas station sign with "diesel" and "food mart" written underneath

Source: Sundry Photography / Shutterstock.com

Despite its year-to-date slump hovering at a discouraging 8%, Chevron’s (NYSE:CVX) recent undertakings signal a potentially brighter future. The energy behemoth recently declared its second-quarter earnings, showcasing revenue at a notable $47.67 billion, even though it marked a 28% dip compared to the previous year. Its net income, too, stood strong at $6.01 billion, despite the 48% year-on-year reduction. Most notably, the earnings per share for June 2023 surpassed expectations, beating estimates by a robust 3.52%.

While past performance may suggest caution, the forward-looking investor would do well to consider the undertones of Chevron’s strategic maneuvers.

The company is making headway with investments in Australia’s lower-carbon pilot projects. It has also recently fortified its position by acquiring PDC Energy, strengthening its DJ Basin assets. Moreover, in a striking nod to the company’s prospects, Goldman Sachs recently upgraded Chevron’s stock to “Buy” from “Neutral,” setting an ambitious price target of $187. This upgrade is not mere speculation. It’s rooted in anticipation of a sharp upturn in Chevron’s cash flow starting in 2024.

In the grand landscape of stocks to buy to get rich, Chevron is shaping up to be one of those millionaire-maker stocks. With strategic advancements, Chevron is charting a course that rewards the patient and the prudent.

On the publication date, Faizan Farooque did not hold (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Faizan Farooque is a contributing author for InvestorPlace.com and numerous other financial sites. Faizan has several years of experience in analyzing the stock market and was a former data journalist at S&P Global Market Intelligence. His passion is to help the average investor make more informed decisions regarding their portfolio.