2 ASX shares with millionaire-maker potential

Becoming wealthy with ASX shares is a goal that many of us share.

And while there are no guarantees which the share market, history shows that it is possible to become a millionaire through investing in high quality ASX shares.

Generally, this takes a long period of consistent investing, allowing compounding to work its magic.

However, every so often the Australian share market has produced a few ASX shares that do all the heavy lifting for you (and quickly).

These are millionaire-maker shares.

They are usually labelled this if they generate a return of 1,000% over a period of time.

That’s because this return would turn a $10,000 investment in a cool $1 million.

Millionaire-maker ASX shares

A recent example of a millionaire-maker ASX share is Wildcat Resources Ltd (ASX: WC8).

Less than 12 months ago the lithium explorer’s shares were changing hands for 3 cents per share.

This means that if you had invested $10,000 into Wildcat’s shares, you would have picked up approximately 3.33 million units.

Today they are trading at around 47 cents, which values that holding at over $1.5 million.

Though, it is worth highlighting that sinking $10,000 into a mining stock with a 3 cents share price is more or less gambling unless you really know what you’re doing. Investors (or speculators) frequently lose large sums of money from taking a punt on a penny stock.

So, investors may be better off looking for ASX shares with explosive growth and proven business models and allowing them a little more time to grow your wealth.

But which ASX shares?

Two ASX shares that brokers are tipping to have extremely bright futures are location technology company Life360 Inc (ASX: 360) and quick service restaurant solutions company TASK Group Holdings Limited (ASX: TSK).

Goldman Sachs currently has a buy rating and $10.50 price target on Life360’s shares. It notes that the company has a US$12 billion opportunity (and growing). Whereas it is currently reporting annualised monthly revenue (AMR) of $259.1 million.

As for TASK Group, Bell Potter has a buy rating and 59 cents price target on its shares. Its products are used by Guzman Y Gomez for point of sale, data warehouse, enterprise management, online ordering, and loyalty. It also counts McDonald’s Corp (NYSE: MCD) as a customer.

Whether they will be millionaire-maker ASX shares, only time will tell. But they’re certainly worth a closer look.

The post 2 ASX shares with millionaire-maker potential appeared first on The Motley Fool Australia.

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More reading

• Analysts tip 10% to 30% returns for these ASX growth shares in 2024
• Why I think Life360 shares are one of the best bargains out there
• Brokers name 3 ASX shares to buy now
• 5 ASX shares I think you can confidently invest $500 in right now
• Buy these ASX growth shares for 20% to 40% returns

Motley Fool contributor James Mickleboro has positions in Life360. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group and Life360. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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