Can You Become a Millionaire by Investing $500/Month?

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Many of us will have a desire to become a millionaire. Meanwhile, it is not a tough ask if you are patient and disciplined. A monthly investment of $500, grown at 10% per annum, can create a wealth of $1.1 million in 30 years. One of the convenient ways to earn superior returns would be investing in equity markets. Meanwhile, here are three top TSX stocks that have the potential to deliver over 10% of annualized returns in the long run.


Dollarama (TSX:DOL) is a discount retailer with impressive returns of over 740% in the last 10 years at a CAGR (compound annual growth rate) of 23.7%. Despite this year’s challenging environment, the company has continued its uptrend and trades 25% higher, outperforming the broader equity market. Its extensive presence across Canada, compelling value offering, wide range of everyday products, and consistent shopping experience have driven its financials. Over the last 12 years, the company’s revenue and net earnings have increased at an annualized rate of 11.2% and 17.4%, respectively.

Meanwhile, the discounted retailer has been expanding its store network across Canada. It plans to increase its store count to 2,000 by 2031 compared to 1,525 units as of July 30. The company’s subsidiary, Dollarcity, expects to add 392 stores over the next five years. Further, the company continues strengthening its direct sourcing capabilities, improving logistics efficiencies, and making technological investments to drive same-store sales. Given its healthy growth prospects and solid underlying business, I believe Dollarama would continue to deliver superior returns in the long run.


Digitization and growing remote working and learning have increased the demand for telecommunication services. The advent of 5G has created a multi-year growth potential for telecommunication companies. Amid a favourable environment, I have picked BCE (TSX:BCE) as my second pick. The company posted its third-quarter performance earlier this month, with its revenue and adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) growing by 0.9% and 3.1%, respectively.

Amid its continued investments in expanding broadband and 5G infrastructure, the company had 104,159 fibre internet net activations and 231,212 new wireless connections during the quarter. It also generated $1.96 billion of cash flows from its operations. Meanwhile, amid growing demand, the company continues to expand its 5G, 5G+, and broadband reach, thus driving its financials in the coming years.

Further, BCE has also rewarded its shareholders by raising its dividends by over 5% annually for the previous 15 years. Meanwhile, it currently offers a forward dividend yield of 7.14% and trades at an attractive NTM (next 12-month) price-to-earnings multiple of 16.8, making it an attractive buy.

WELL Health Technologies

My final pick is WELL Health Technologies (TSX:WELL), which focuses on developing extensive front and back-office management software applications to help healthcare providers provide seamless services. Meanwhile, the telehealthcare market is growing amid the development of new products and increased penetration of internet services. Meticulous Research projects the North American telehealthcare market to grow at an annualized rate of 22.8% for the rest of this decade, thus benefiting WELL Health.

Meanwhile, the digital healthcare company has recently launched WELL AI Decision Support in partnership with HEALWELL AI. It would assist healthcare professionals in early disease diagnosis and preventative health. It has a solid product pipeline, which would leverage AI (artificial intelligence) to enhance productivity and provide better patient outcomes.

Also, WELL Health continues expanding its footprint across North America through strategic acquisitions. Amid these growth initiatives, the company’s management is confident of reaching $900 million in revenue next year. Considering its growth prospects, I believe WELL Health has the potential to deliver superior returns in the long run.

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