3 Stocks That Could Create Lasting Generational Wealth

Buildng your wealth significantly is typically a slow and long process. Get-rich-quick schemes aren't the way to go. Investing in stocks that consistently deliver strong returns over long periods is a more effective strategy. Of course, with thousands of options on equity markets, it's not always easy to know which ones to pick. For some inspiration, consider the following three: SoFi Technologies (NASDAQ: SOFI), Uber Technologies (NYSE: UBER), and Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B).

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1. SoFi Technologies

SoFi Technologies, an online bank, has really come into its own during the past two years. The company's shares have soared as its customers and assets have increased significantly, along with revenue and earnings. The best part is that we may still be in the early innings of SoFi's growth story. SoFi Technologies' entirely online model and interactive app grant it a significant appeal. It means it can do away with some of the charges and costs brick-and-mortar banks impose that partly go into maintaining physical locations.

Meanwhile, the company continues to expand its pool of services and is increasingly offering all that traditional banks do. Now, banks do benefit from high switching costs -- people simply find it hard to change to a rival, even when there are good reasons to.

For customers who have been visiting the same branch for years -- sometimes decades -- are familiar with the staff and have significant assets in their accounts, including retirement accounts, the extra fees might be worth it. However, SoFi targets younger customers who are far less burdened with all that and expect, even demand, that their products come with an app attached to it.

SoFi's appeal among the younger crowd is an important reason it could continue performing well over the long run as it seeks to establish itself as a leading financial services provider in the future. If it succeeds, SoFi will indeed help those who initiate positions today create lasting, generational wealth.

2. Uber Technologies

Uber Technologies is the leader in the ride-hailing market. It has developed a strong economic moat from at least two sources, which will make it difficult to dislodge it from its pedestal. First, there is the company's brand name that has become a verb synonymous with ride-hailing, used in everyday language. Second, Uber boasts deep network effects. Consider the company's food delivery app, Uber Eats.

With a large ecosystem of restaurants and stores, it becomes more attractive to consumers, and vice versa. True, there are competitors, but Uber holds a strong position in this niche and is likely to remain one of the top players for the foreseeable future.

Meanwhile, revenue and earnings continue to grow rapidly. And despite the seeming ubiquity of ride-hailing, there is still plenty of white space, as Uber has argued. In the company's 10 biggest markets, only 10% of adults use its services at least once a month. There is room to deepen that penetration rate significantly over the long run. And even though the rise of self-driving vehicles might prove to be a challenge, Uber has adapted by partnering and becoming the platform of choice for some of them.

So, when these become the norm (which could take a considerable amount of time), Uber should be prepared to benefit as well -- one more reason it could help create significant wealth for those who stick with it for a long time.

3. Berkshire Hathaway

Berkshire Hathaway is undergoing some changes. The company's iconic Chief Executive Officer, Warren Buffett, is stepping down from his role. Some are worried about what that means for the conglomerate's long-term prospects. After all, Buffett -- and his now deceased partner, Charlie Munger -- were the architects of this corporation that has generated outstanding long-term returns. However, Berkshire Hathaway remains a top stock to buy and hold.

The foundation has already been established. It boasts a large and diversified portfolio of subsidiaries, as well as a stock portfolio with a few dozen corporations.

Even if Buffett and Munger were the main architects, they weren't alone. Several others have played a significant role for a long time, and some of them will likely become the next generation of leaders. That includes the company's next CEO, Greg Abel, among others. Berkshire Hathaway's highly diversified core and remaining brilliant investing minds and leaders should usher in another successful era for the company. Don't give up on the stock just because Buffett is leaving. It can still deliver above-average returns.

Prosper Junior Bakiny has positions in Berkshire Hathaway. The Motley Fool has positions in and recommends Berkshire Hathaway and Uber Technologies. The Motley Fool has a disclosure policy.