3 Stocks That Could Help You Get Richer by 2024

Want to be richer in 2024 (not to mention 2025, 2026, 2027 and beyond)? It's easy! Investing wisely in the stock market is a sure way to achieve this goal.

The stock market occasionally adjusts or even crashes, but in the long run, it tends to go up, up, and up again. A good way to invest successfully in stocks is to buy one or more stocks that follow a big rock index (such asStandard & Poor's 500 This allows you to get roughly the same return as the index (minus the low fees). This allows you to get roughly the same return as the index (minus the low fees).

Another proven way to get rich is to research and buy individual stocks. If you do it right, you can even outperform the broader market with some or most of your investment dollars. But which stocks will make you richer in 2024? Here are three to consider:

1. INVISTA

If you've been following stocks in recent years, you may have noticed thatINVISTA (NASDAQ: NVDA)Its stock price has risen by an average of 69% per year over the past 10 years. Over the past 10 years, its stock price has risen by an average of 69% per year, and over the past five years, it has risen by an average of 80% per year, which compares favorably to the 10.5% average for Big Pan. Gipsy

As the company itself points out, it invented the graphics processing unit (GPU) in 1999 and is now a key player in the development of AI chips: "Our work in AI is transforming more than $100 trillion worth of industries, from gaming to healthcare to transportation, with far-reaching impacts on society! It will have a profound impact on society."

It would be reasonable to think that it is too late to invest in INVISTA and that the company's shares are likely to be overvalued, but that may not be the case. The company's forward-looking price-to-earnings (P/E) ratio is about 37, below its five-year average of 39. The most recent price-to-earnings (PEG) ratio was 1.5, below the five-year average of 2.4. Yes, the valuation is still high and growth could slow down soon, but it's fair to say it still has a lot of room to grow.

2. Salesforce

Salesforce (New York Stock Exchange)Stock Code(CRM)The company is not as well known as Nvidia, but its stock has also performed very well, up more than 110,00% since it went public in 2004. it also has a lot of growth potential. In the fourth quarter, the company reported revenue of $9.3 billion, up 11% year-over-year, and full-year operating cash flow growth of 44% in fiscal 2024.

Salesforce, one of the world's largest enterprise software companies with its own artificial intelligence platform, Einstein, has recently slowed its growth, and the company has shifted to a greater focus on cutting costs and rewarding shareholders through stock purchases.

Saleforce stock doesn't look cheap, but it's not overvalued either. Recently, its forward price-to-earnings ratio of 31 was lower than its five-year average of 42, and its price-to-earnings ratio of 3.0 was higher than its five-year average of 2.2. In total, if you're going to stick around for years, and if you believe in the bright future of artificial intelligence and cloud computing, you're likely to get richer with Salesforce.

3. Real Estate Income Corporation

Realty Income (New York Stock Exchange)Stock Code(O)The stock code is cool, but growth has been slow. But there's a lot to like about Realty Income - starting with its dividend, which recently yielded a whopping 5.8%. The company is organized as a REIT, which means it owns a lot of real estate properties to rent out, and as a REIT, it must also pay its shareholders at least 90% in taxable income. As a REIT, it must also pay its shareholders at least 90% in taxable income. Realty Income is slightly different from other dividend payers because it pays its dividend monthly rather than quarterly, and it has paid a dividend for 646 consecutive months (nearly 54 years) (with periodic increases).

REITs typically focus on specific areas of the real estate market, such as healthcare facilities, warehouses, data centers, shopping centers, offices, etc. Realty Income notes, "The majority of our properties are leased to retail and industrial clients with a focus on service, non-discretionary and/or low-priced businesses. It also mentions some names: "We are proud to work with global industry leaders such as Treasury Wine Estates, Sainsbury's, 7-Eleven,Lowe's andChipotleThe company recently owned over 15,000 commercial properties on long-term leases with an occupancy rate of 98.6%. The company recently acquired more than 15,000 commercial properties under long-term leases with an occupancy rate of 98.61 TP3T. Its business is diversified with more than 1,300 different clients and 86 different industries.

Realty Income stock is at an attractive recent valuation level, with a recent price-to-earnings (FFO) ratio of 13, well below its 2022 high of 17. It will likely get a boost where interest rates begin to fall, as they are widely expected to decline over the next year.

Whatever you invest, don't stop investing!

These are just three of the many fascinating and promising companies out there. Always remember - if you don't have the time, skill or interest to research and choose stocks to invest in, just stick with a simple (but great) index fund. It can meet all your needs to fund a comfortable retirement.

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Selena Maranjian has positions in Nvidia, Realty Income and Salesforce. the Motley Fool has positions in Chipotle Mexican Grill, Nvidia, Realty Income and Salesforce. the Motley Fool recommends Lowe's Companies. the Motley Fool has a disclosure policy. The Motley Fool recommends Lowe's Companies. The Motley Fool has a disclosure policy.

3 Stocks That Will Help You Get Richer by 2024 was originally published by The Motley Fool.