Self-Made Millionaires Suggest 5 Stocks You Should Never Sell
Written by
Yaël Bizouati-Kennedy
Edited by
Gary Dudak
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Many self-made millionaires have made their fortunes by building their own successful businesses, being methodical and patient, and having great ideas. Many of them say they apply this same train of thought and analysis in picking winning stocks — stocks they will never be selling.
GOBankingRates spoke to a few of them who explained why they won’t let go of these five stocks — and why you shouldn’t either.
Apple
- Stock price year range: $164.08 to $237.49
- Market cap: $3.59 trillion
Joe Camberato, the CEO of National Business Capital, became a self-made millionaire in his 30s thanks to hard work as an entrepreneur founding a fintech lending platform, as well as numerous other companies and investments. For him, a stock he will never sell is Apple.
“Apple is an extraordinary company that has become deeply rooted in our lives. With a massive fan base and a consistent track record of innovation, Apple has established itself as one of the world’s finest companies — a true profit-generating machine,” he said.
He added, “In my view, the best is yet to come for Apple. Also, the fact that it pays dividends allows me to reinvest them and buy more shares, and that strengthens my position.”
Vanguard Small-Cap Index Fund ETF
- Stock price year range: $181.00 to $242.97
- Market cap: $39 billion
Regarding the Vanguard index funds, Camberato said they provide a convenient avenue for diversifying across the top companies in the S&P 500, as well as high-growth potential stocks in the growth and small cap index funds.
“These indexes have demonstrated remarkable long-term growth and consistently pay dividends,” he said. “By looking at how they performed historically, stretching back to the 1920s, it’s clear that the S&P has endured periods of pullbacks, but ultimately they continued to thrive, generating impressive returns over time. It would go against logic to sell these index funds.”
In addition, he noted that even during market crashes, his strategy would be to continue monthly investments in the indexes, and possibly even increase the amount during downturns.
“Selling these stocks would mean selling myself short and missing out on their long-term potential,” he added.
Tesla
- Stock price year range: $138.80 to $273.54
- Market cap: $681.9 billion
Anna Koval is a self-made millionaire who co-founded Tarotoo, an online tarot reading platform. She said that one of the most important lessons she learned is to invest in what you know and love.
“For me, that means investing in companies that are aligned with my values, passions, and vision for the future,” Koval said. Hence, she won’t be selling Tesla, which she believes “is not just a car company.”
She explained, “It’s a pioneer in clean energy, autonomous driving and battery technology. I admire how Tesla challenges the status quo and pushes the boundaries of what’s possible. I own a Tesla Model 3 and I love it. It’s the best car I’ve ever driven. I believe Tesla has a lot of growth potential and will continue to revolutionize the world for the better.”
Shopify
- Stock price year range: $48.56 to $91.57
- Market cap: $105.3 billion
Shopify is another stock Koval won’t sell.
“Once again, Shopify is not just a platform for online stores. It’s a partner for entrepreneurs, creators, and innovators,” she said. “I admire how Shopify empowers millions of people to start and grow their own businesses online. I use Shopify to run Tarotoo’s website and e-commerce operations. It’s easy, reliable, and scalable. I believe Shopify has a lot of growth potential and will continue to support the future of commerce.”
Amazon
- Stock price year range: $138.36 to $201.20
- Market cap: $1.99 trillion
Casey Jones, founder and head of finance at global digital marketing agency CJ&CO, said that as a self-made millionaire and a seasoned investor, he has learned that the key to building wealth is patience, diversification and investing in companies that have a proven track record and a clear vision for the future. In turn, that’s why he has decided to never sell Amazon.
First, Jones said that Amazon is a diversified technology giant with a leading market share in multiple industries, including e-commerce, cloud computing, digital advertising and artificial intelligence. “This diversification provides a level of stability and growth potential that is hard to find in other companies.”
In addition, he said Amazon has shown resilience and growth potential despite facing challenges in recent years. “The company’s stock has experienced significant declines in the past but has managed to recover and continue growing. This resilience is a testament to Amazon’s strong business model and its ability to adapt to changing market conditions.”
Finally, he said that the long-term growth prospects for Amazon remain strong due to its innovative approach and ability to adapt to changing market conditions. “The company’s continuous investment in new technologies and sectors, such as artificial intelligence and healthcare, positions it well for future growth.”
As of today, his initial investment of 1,000 AUD ($685) in Amazon has grown significantly. Jones noted, however, that it’s important to remember that investing in stocks always carries risks. “Individual investors should carefully consider their financial goals and risk tolerance before making any investment decisions.”
Prices are accurate as of Nov. 5, 2024.
More From GOBankingRates
