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.
Image source: Getty Images
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.
