The pursuit of financial freedom and a 6-figure net worth is a goal shared by many. While there are numerous investment strategies available, stocks for building wealth have long been a powerful tool for wealth creation. 

The key to successful investing lies in identifying companies that demonstrate strong growth potential, solid financial health, and a competitive edge. However, approaching the market by investing in individual stocks is not the only prudent strategy. Investors can leverage investment vehicles like mutual funds and exchange-traded funds (ETFs) for a more passive approach. But if you’re willing to get your hands dirty and put in some extra work, there is certainly potential to outperform the market in the long term. 

Now, let’s unpack the top 3 stocks for building wealth to reach the 6-figure net worth milestone by 2030!

Super Micro Computer (SMCI)

Super Micro Computer (NASDAQ:SMCI) is a global leader in high-performance, high-efficiency server and storage hardware. The company will be a beneficiary of artificial intelligence (AI) tailwinds, as its infrastructure is crucial to accelerate AI workloads in the cloud. 

Super Micro Computer’s growth potential is underpinned by the increasing demand for data storage and processing power. Its products are used in data centers, enterprise IT, artificial intelligence, and 5G infrastructure. As more businesses move their operations to cloud environments, the need for robust server solutions will continue to rise. The company continues to gain market share in 2024, and remains the preferred storage and server provider for hyperscale cloud providers. In Q3 FY24, revenue increased a whopping 200% year-over-year to $3.85 billion. Additionally, earnings per share also skyrocketed 328% YOY to $6.56 per share, driven by strong demand for AI rack scale solutions. With the rapid growth of data centers globally, SMCI stock stands as one of the best stocks for building wealth.

Palo Alto Networks (PANW)

Palo Alto Networks (NASDAQ:PANW), a leading cybersecurity giant provides a comprehensive suite of products and services to protect organizations from cyber threats. Its offerings include firewall protection, advanced threat detection, and cloud security solutions.

The increasing frequency and sophistication of cyberattacks have heightened the demand for robust cybersecurity measures. Hackers are getting more savvy, and are going after the largest organizations that have access to large amounts of sensitive data. One notable attack in 2024 is the ransomware attack on UnitedHealth Group (NYSE:UNH), in which they had to pay a $22 million ransom to hackers. This unfortunate occurrence will position Palo Alto for continued growth given its strong reputation in the industry. Moreover, Palo Alto has demonstrated strong financial performance, with strong double digit revenue growth and impressive free cash flow. In its latest quarterly financial results, revenue increased 15% YOY to $2 billion. Additionally, EPS swelled 155% year over year to 79 cents per share. This makes PANW stock one of the top stocks for building wealth through 2030.

Godaddy (GDDY)

Godaddy (NYSE:GDDY) has established itself as a global leader in domain registration and web hosting services. The company’s recent inclusion in the S&P 500 Index and its growing earnings and free cash flow are a positive sign for the future. 

Godaddy empowers individuals and small businesses to build an online presence. The company is no longer a one trick pony, as it has expanded its product offerings over the years. This includes website builders, e-commerce solutions, and digital marketing solutions for online business needs. Moreover, Godaddy’s new Airo platform includes a full suite of AI tools for businesses. After delivering record revenue, earnings, and free cash flow in FY23, CEO Aman Bhutani continues to execute on strategic priorities. In the first quarter of 2024, revenue increased 7% YOY to $1.1 billion. Additionally, net earnings skyrocketed 749% year over year to $401.5 million, or $2.76 per share. Godaddy’s focus on operational efficiency is steadfast, placing GDDY stock among the best growth stocks for building wealth. 

On the date of publication, Terel Miles did not have (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.

On the date of publication, the responsible editor did not have (either directly or
indirectly) any positions in the securities mentioned in this article.