All of us are investing with some goals in mind, and if you want to become a millionaire with your investments, you need to pick the right stocks to buy.

Investing in companies that enjoy significant competitive advantages can work out well in the long term. Such companies are stable and have consistently managed to improve their top and bottom lines year after year.

In times of economic uncertainty, it is important to look for stocks to buy that can thrive even in a market downturn. Here are the three stocks to buy that will mint millionaires. 

 SoFi Technologies (SOFI)

SoFi Technologies (NASDAQ:SOFI) has turned around its growth story and got investors excited after the second quarter results.

The fintech bank has performed exceptionally despite the financial institution failures, inflation, and the volatility that most banking stocks have gone through.

SoFi aims to provide a one-stop financial solution and captured the market by holding a large part of the student loan market. With borrowers looking to refinance their student loans, SoFi has a great opportunity to grow. 

SOFI stock is up 81% year to date and has had an impressive run in the first half of the year. Although it is trading below $10, at $8.15 right now, it has a solid potential to double soon.

The company’s financials have proved its potential. It has maintained double-digit quarterly revenue growth and saw a 37% rise year over year. It saw a 47% rise in the number of checking and savings customers year over year and a 6% rise in student loans. 

While the company hasn’t turned profitable yet, there is a high expectation that it will in the fourth quarter. Following the second quarter results, the firm raised its full-year revenue guidance to $2 billion of adjusted net revenue. 

The company’s wholesale business Galileo is a stalwart and its future looks bright. Galileo has an Application Program Interface using which banks can plug in SoFi into their existing systems.

This is a core business segment that can grow tremendously in the next five years. It hasn’t been easy for SoFi to navigate the market amidst high uncertainty, but its financials have shown it can generate high revenue and profitability.

SOFI stock has the potential to be a millionaire maker and buying the stock below $10 is a very sweet deal. 

Visa (V)

Visa (NYSE:V) is one company that is steadily churning out growth. The California-based payment network processor has a global presence, and it works with over 100 million merchants around the world.

The company makes money by collecting a small fee from each transaction and its recent quarter revenue hit $8.1 billion, an 11.7% year-over-year rise.

With inflation fading, consumer spending is improving and revenge travel is making people book their next flight. This has led to a rise in transaction amounts and payment volume.

The transactions processed by Visa also saw a 10% year-over-year rise. Strong financials are proof that the company is doing something right and with Visa, the future looks bright.

It is already over and above its competitors in the industry and the stock has beaten market returns in the past five years. Companies are attracted to Visa for its strong brand name and it is inking new deals that will help enhance the top and bottom lines. 

With the company steadily expanding its payment network and increasing its market share, the future looks optimistic.

V stock is very close to the 52-week high of $245 but I believe that the company will hit a new high soon. It is already up 16% year to date and with an increase in earnings, we will see the stock moving higher.

The stock also pays a quarterly dividend of $0.45 and enjoys a yield of 0.75%. 

Dividend growth will remain the norm, but you shouldn’t forget that this stock has the potential to soar to new highs.

Visa has a business that will not die anytime soon and the company has the potential to thrive in uncertain market conditions. It is one of the best stocks to buy and hold. 

Nvidia (NVDA)

There is a lot of buzz about Nvidia (NASDAQ:NVDA) with the company set to report their quarterly earnings in a few hours.

I have always loved the stock and had recommended a buy even before the company made big news with Artificial Intelligence. Nvidia is a company that excels in whatever it does. Once a top gaming GPU maker, it has become a leader in the AI space today.

Let’s not forget, this is only the beginning of the rise of Nvidia and there is a lot more to come. If you have missed out on the opportunity of buying NVDA stock, now is the time to do so.

The stock is set to soar higher after the company announces earnings. It is one of the best stocks to buy to make you a millionaire. 

Nvidia expects revenue of $11 billion this quarter and it has already shocked the market with its second-quarter numbers. Many are of the opinion that the company is over-promising, and it is best to take your profits, but I honestly do not think why a company like Nvidia could overestimate a revenue number.

On the other hand, the number could even be higher than $11 billion and this would take the entire market up. I expect another strong forecast from the management.

For now, Nvidia is leading the AI race and it recently hit a new 52-week high of $481. The stock is already up 220% year to date and there is a lot more to come. Buy and hold NVDA stock for long-term gains. 

On the date of publication, Vandita Jadeja did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.