1 Financial Services Stock That Could Turn $1,000 Per Month Into $1 Million
Key Points
SoFi is an online bank that targets younger customers.
It has been growing briskly, in part by adding many services.
It's even pushing into cryptocurrency.
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Gobs of good stocks can turn $1,000 per month into $1 million or more. It just takes disciplined investing, a fair amount of time, and, of course, a good stock -- or stocks.
Here's one such stock from the financial sector: SoFi Technologies (NASDAQ: SOFI). It has been averaging annual gains of 43% over the past three years, though it's down 25% year to date. That presents an attractive buying opportunity.
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Image source: Getty Images.
The table below shows that you can reach $1 million with it or another stock even if it averages 8% growth.
|
$1,000 Invested Per Month (in Years) |
8% Annual Growth |
10% Annual Growth |
12% Annual Growth |
|---|---|---|---|
|
5 years |
$70,399 |
$73,261 |
$76,234 |
|
10 years |
$173,839 |
$191,249 |
$210,585 |
|
15 years |
$325,825 |
$381,270 |
$447,357 |
|
20 years |
$549,144 |
$687,300 |
$864,629 |
|
25 years |
$877,271 |
$1,180,165 |
$1,600,006 |
|
30 years |
$1,359,399 |
$1,973,928 |
$2,895,992 |
|
35 years |
$2,067,802 |
$3,252,292 |
$5,179,962 |
|
40 years |
$3,108,678 |
$5,311,111 |
$9,205,097 |
Source: Calculations by author via Investor.gov.
SoFi Technologies operates in the promising realm of fintech (financial technology). It's an online bank offering a wide range of personal finance services. It began mainly as a student loan servicer, but it now offers everything from auto loan refinancing to personal loans, mortgages, credit cards, investments, and, of course, banking.
SoFi began with younger consumers, and it has continued courting them -- for example, by pushing into cryptocurrency. It's succeeding, too, posting a revenue gain of 37% year over year for its fourth quarter and a fee-based revenue gain of 53%. Its membership, too, is growing briskly, rising 35% year over year to 13.7 million people.
CEO Anthony Noto has noted, "Our one-stop shop is scaling exactly as intended and delivering a winning combination of growth and returns. We added a record 1 million new members this quarter and drove record product growth."
Best of all, SoFi's stock seems reasonably valued or even a bit undervalued at recent levels.
Should you buy stock in SoFi Technologies right now?
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Selena Maranjian has positions in SoFi Technologies. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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