5 outstanding growth stocks to buy and hold for the next decade

Did you know, that in order to double your investment portfolio in 10 years, all you need to do is achieve a 7.2% average annual return, with profits reinvested?

Sounds simple right?

And it is.

But it’s certainly easier said than done.

However it’s also important to know, over the past 30 years, the Australian share market has achieved an average annual return of 11.7%. With profits reinvested, $10,000 becomes $30,237 after 10 years, at the market’s historical average.

Clearly, investing for the long term in the Australian share market is a great way to significantly boost your wealth.

But if you plan to pick your own stocks, rather than using a managed fund or ETF, it can be difficult to know where to start…

5 stocks for the next decade

1. Slater & Gordon Limited (ASX: SGH) is Australia’s biggest law firm. However the group is currently expanding its presence in the UK, a market five times larger than ours and largely unconsolidated.

2. NIB Holdings Limited (ASX: NHF) is a health insurance provider operating throughout Australia and New Zealand. Australians continue to spend more and more on healthcare and NIB’s 8% market share gives it a foothold in the industry.

3. M2 Group Ltd (ASX: MTU) is the owner of Dodo, Commander, Primus and Eftel telecommunications brands. However the company is busily growing into new retail services such as insurance, roadside assistance, power and gas.

4. ResMed Inc. (CHESS) (ASX: RMD) is a dual-listed medical company which provides devices for individuals with respiratory conditions, such as sleep apnoea. With a large growing market place, ResMed could be the perfect ‘get-rich-slowly’ type of investment.

5. Nearmap Ltd (ASX: NEA) is a small-cap technology company which provides aerial photography services for government and business. It has only recently launched test flights in the US but appears to have a very bright future, both domestically and abroad.

Our #1 ASX stock for 2015 – Yours FREE!

Whilst no one can ever guarantee the success of a particular company, the stock market has proven to be a great vehicle to drive our wealth higher, provided we have a diversified portfolio and take a long-term approach to investing.

I think each of the above five stocks have every chance of matching, or even beating, the market’s return over the next 10 years (I’d like to hope so, I own three of them!).

However, our top investment advisor Scott Phillips has just released his #1 stock pick for 2015and I think the stock is a GREAT buy at today's prices! Best of all: You can get his full report on this ultra-promising ASX stock for FREE.

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Motley Fool Contributor Owen Raszkiewicz happily owns shares of Nearmap Ltd, Slater & Gordon Limited and NIB Holdings.  

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