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.

There are other index funds that seem likely to meet these goals, though. Switching to the more volatile bet on mostly tech stocks, the Nasdaq 100 Index, the average return in five years lands at 20.6%. That’s more than enough for my stated purposes. It’s not a surefire guarantee, of course — the truly long-term Nasdaq 100 return stops at 8.9% from a 30-year perspective. That’s volatility from the dot-com bubble rearing its unexpected head three decades later.

Still, a Nasdaq 100 tracker, such as the Invesco QQQ Trust (NASDAQ: QQQ), may deliver the desired return if the artificial intelligence (AI) boost of 2023 sticks around for a few more years. But this is one of those instances where hand-picked stocks might provide the returns that a more stable index fund probably can’t. On that note, let me show you a couple of top-notch stocks that should see average five-year returns of 15% or more.

Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) and Amazon (NASDAQ: AMZN) offer that rare combination of thrilling growth prospects and the proven flexibility to stay…