All us Fools are seeking to hit the jackpot on that next investment, but it can be difficult to know where to start.
I've taken a look at how one big ASX stock bet has the potential to pay off handsomely and make you a millionaire in a matter of years.
How you can turn $20,000 into $1 million
One of the hottest tech stocks outside of the WAAAX group is Nearmap Ltd (ASX: NEA), the Aussie geospatial mapping company.
Nearmap specialises in aerial imagery technology and location data with operations across Australia, New Zealand and the United States.
Nearmap debuted on the ASX at $0.05 per share way back in September 2005, but has seen its share price explode in the last 2 years or so.
The Nearmap share price is up an impressive 63.4% so far in 2019, but this is nothing compared to its astronomical growth in the past decade or so.
Since its initial public offering (IPO), the Nearmap share price has rocketed a stunning 5,000% higher, meaning a $20,000 investment back in 2005 would be worth a tidy $1,000,000 today.
But it's not as if Nearmap is the only ASX stock to deliver such whopping returns to its shareholders in recent years.
Is Afterpay the next millionaire-maker?
The Afterpay Touch Group Ltd (ASX: APT) share price is trading at $31.80 per share as at yesterday's close – a long way north of its $2.95 per share listing price.
With the Afterpay share price surging 165% this year alone, there could be plenty of capital growth left for those willing to put their money in the game.
A $20,000 IPO investment in Afterpay in June 2017 would be worth a tidy $215,593 in your portfolio today.
How can you find the next hot stock?
This is the big question (and if you do find the answer, I'd love to hear it).
In my opinion, the best way to find the next hot stock is to stay informed about what's happening in the market and look for the next big growth sector.
I'd personally be looking at the 5G technology sector or some of the top ASX cannabis stocks like Cann Group Ltd (ASX: CAN) for the next big winner in your portfolio.
