Whether you're a novice investor or someone who's been putting their money to work on Wall Street for multiple decades, there's one universal lesson the stock market is always willing to teach: Patience pays.

Despite the broad-based S&P 500 undergoing 38 double-digit percentage declines over the past 71 years, each and every one of these drops was eventually erased by a bull-market rally. In other words, if you buy great companies and allow your investment thesis to play out over many years, if not a decade (or longer), your chance of generating life-altering wealth goes way up.

For example, if you want to be a millionaire, the stock market can help make that a reality. If you invest $250,000 into the following five stocks and wait 10 years, you could have $1 million, if not more.

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Teladoc Health

Innovative healthcare stocks are often a great place to look for investments that can quadruple your money. Leading telemedicine company Teladoc Health (TDOC -1.38%) is the perfect example of innovation translating to long-term change.

Although some folks would caution that Teladoc's growth will slow once we exit the coronavirus pandemic, this take overlooks the growth this company delivered prior to COVID-19. For instance, Teladoc averaged sales growth of 74% in the six years leading up to the pandemic. That's not a fluke. That's healthcare systems adjusting to incorporate telehealth services.

The beauty of telehealth is that it's a win up and down the treatment chain. It's more convenient for patients and can be incredibly useful for physicians who need to keep tabs on patients with chronic conditions. The end result should be improved patient outcomes, which means less money out of the pockets of insurers.

Teladoc Health also owns leading applied health signals company Livongo Health, which it acquired one year ago. Livongo utilizes artificial intelligence (AI) to send its chronic care subscribers tips to help them lead healthier lives. Since Livongo is targeting a significant percentage of the U.S. adult population with its services, Teladoc has multiple avenues with which to transform patient care.

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The Original Bark Company

Sometimes the best investments really do go to the dogs. If you have $250,000 to invest, putting it to work in dog-focused product and service provider The Original Bark Company (BARK 3.55%) could lead to $1 million over the next decade.

While the pet industry isn't achieving sustained double-digit sales growth like some hot tech trends, it's easily one of the most recession-resistant industries on the planet. U.S. pet expenditures haven't declined on a year-over-year basis in at least a quarter of a century, and the percentage of U.S. households that own a pet has risen from 56% in 1988 to 70%, according to a 2021-2022 survey by the American Pet Products Association. 

People will spend big bucks to ensure the happiness and health of their pet, and Bark's subscriber data shows it. Through the end of September, the company had close to 2.1 million subscribers. The great thing about this operating model is that 89% of revenue in the latest quarter was derived from online subscriptions. This means less overhead, generally high margins (gross margin of 58.2%), and predictable cash flow. 

Bark is also leaning on innovation to drive sales growth. The introduction of Bark Home and Bark Eats in 2020 should help drive add-on sales and lift consumer loyalty.

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Ping Identity Holdings

If high-growth tech stocks are more your forte, cybersecurity company Ping Identity (PING) could be your solution to turning a $250,000 investment into $1 million over the next 10 years.

The fantastic thing about cybersecurity is that it's evolved into a basic need service. No matter how well or poorly the U.S. economy and stock market are performing, hackers and robots don't take a day off. Businesses of all sizes are expected to lean on third-party providers like Ping as they shift their data into the cloud.

As its name implies, Ping Identity aids businesses with identity verification solutions. More specifically, its cloud-based intelligence platform is being used as an added layer of protection for on-premises security solutions. Cloud-native cybersecurity solutions that employ AI can respond faster to potential threats and are often less costly than on-premises security products.

Arguably the most exciting trend for Ping is its growing software-as-a-service (SaaS) revenue. Though the company has done just fine with term-based subscriptions, SaaS will improve client loyalty and bolster the company's already juicy subscription gross margin of 84%. 

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Planet 13 Holdings

Marijuana stocks are another source of strong expected sales growth over the coming decade. U.S. multistate operator (MSO) Planet 13 Holdings (PLNH) is one such pot stock with all the tools necessary to turn $250,000 into $1 million or more for patient investors.

The first thing to understand about U.S. cannabis stocks is that they don't need federal legalization to thrive. While reform in Washington would undoubtedly make life easier, MSOs have an abundant growth runway with 36 states having already legalized weed in some capacity.

What makes Planet 13 such a delectable investment is its differentiation. Planet 13's retail stores are focused on the experience as much as they are on making a sale. The company's Las Vegas SuperStore spans 112,000 square feet and features a restaurant, events center, and consumer-facing processing center. Meanwhile, its recently opened Orange County SuperStore in California spans 55,000 square feet. With unparalleled selection, Planet 13 has had little trouble courting local residents and tourists.

The big key to Planet 13 quadrupling by 2031 is replicating its success in new markets. Management has already picked out Chicago, Miami, and Orlando as the next launch spots for this experience-oriented MSO. With the company on the verge of recurring profitability, it shouldn't have any issue excelling throughout the decade.

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A fifth and final company that can quadruple a $250,000 investment and make you a millionaire in 10 years (or possibly less) is social media platform Pinterest (PINS 0.17%).

A lot of fuss has been made over the past two quarters about Pinterest's declining monthly active user (MAU) count. Since peaking at 478 million at the end of March, Pinterest's global MAUs have fallen to 444 million by the end of September. This might sound worrisome, but it's an expected reaction as vaccination rates tick higher and people get back to some semblance of normal. Over a multiyear period, Pinterest's MAU growth is still pointing higher.

What's far more important is that advertisers are willing to pay up to reach Pinterest's 444 million MAUs. Despite year-over-year MAUs growing by only 1% in the third quarter, global average revenue per user (ARPU) and international ARPU rose 37% and 81%, respectively.  The ability to monetize its platform has more bearing on the company's success than raw user figures.

Furthermore, no social media platform on the planet offers a more targeted audience for merchants than Pinterest. With users willingly sharing the things, places, and services that interest them, it makes it easy for Pinterest to connect its MAUs with merchants that can meet their needs. By the end of the decade, Pinterest may well be a major e-commerce platform.