Before discussing stocks that will make you a millionaire, there is an important observation to discuss. One of the biggest changes in investing style over the decades is the average holding period. Back in the 1950s, the average holding period for stocks was eight years. Data from June 2020 indicates that the average holding period has declined to 5.5 months.

Some reasons for this change include the emergence of high-frequency trading and rapid technological advancement. Another big reason is the focus on short-term results. I would be inclined to say that investors are increasingly impatient.

Even after considering the factor of rapid technological advancement, there are stocks worth holding for the long term. In general, these are companies with significant investments in research and development. This helps them remain competitive. Further, my focus is on industries that have positive tailwinds for the long term.

Therefore, let’s talk about growth stocks that will make you a millionaire by 2030.

Lucid Group (LCID)

Lucid Group (NASDAQ:LCID) stock has seen a deep correction. The company is, however, positioning itself for robust growth in the next few years.

Regarding innovation, Lucid already has the market’s longest-range and fastest-charging electric car. Recently, the company also introduced Lucid Air Sapphire (2023 launch), which the company claims to be the most powerful sedan in the world. Project Gravity SUV is also scheduled for production in the first half of 2024.

Lucid has already been pursuing aggressive global expansion. The company will likely have a strong presence in North America, Europe, and the Middle East in the next few years. The company’s first overseas plant is already under construction in Saudi Arabia.

While cash burn will sustain in the coming years, Lucid has sufficient liquidity for operations well into 2023. The company has also filed for selling securities worth $8 billion. The dilution factor is discounted in the stock.

Pinterest (PINS)

If I had to buy an undervalued e-commerce stock, Pinterest (NYSE:PINS) stock would be my first choice. It’s also among the stocks that will make you a millionaire by 2030.

Pinterest has reported research and development expenses that are consistently around 25% of revenue in the last few quarters. It’s a big reason to like Pinterest, with the company making significant investments in platform development.

Sustained growth in average revenue per user is another reason to like the company. For Q3 2022, Pinterest reported no growth in monthly active users on a year-on-year basis. However, for the same period, revenue increased by 8%.

With Pinterest making the platform shopping-friendly, advertising revenue is likely to swell. This will ensure that ARPU growth remains strong. This is particularly true for emerging markets where the ARPU is significantly lower as compared to U.S. and Europe.

Pinterest also has a strong balance sheet, and the company ended Q3 2022 with cash and equivalents of $1.7 billion. With an annualized cash flow potential of $750 million, the company has the flexibility to invest heavily in platform innovation.

Coinbase (COIN)

Timing the next bull market for cryptocurrencies is impossible. However, holding a few crypto stocks for multibagger returns makes sense. Coinbase (NASDAQ:COIN) is the best bet among crypto stocks.

Recently, Coinbase partnered with Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) to enable crypto payments for Google Cloud solutions. Even as cryptocurrencies remain depressed, there is a gradual growth in adoption.

Moreover, Coinbase more than doubled its institutional customer base to 14,500 in Q2 2022 compared to Q2 2020. This is another indication of the broader adoption of cryptocurrencies as an asset class.

While trading revenue has declined significantly, Coinbase continues to focus on increasing the number of assets on the platform. Staking revenue growth has also been encouraging. Once the bull market returns, these factors will translate into a meaningful stock upside.

COIN stock is, therefore, worth holding with patience. With ample financial flexibility, the company will emerge stronger.

On the date of publication, Faisal Humayun did not hold (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.