I’d love a second income. I’m sure most of us would. So, how could we turn just £8,000 into a second income worth £6,960 annually? The trick to turning £8,000 into a second income isn’t dividend stocks, it’s about growing our portfolios into something much bigger. In the near term, we have to accept that £8,000 invested in stocks and shares isn’t going to give us a second income worth much more than £600 a year. However, if we invest wisely in growth-oriented stocks, we could see our £8,000 grow much quicker. Personally, I like to use a data-driven approach, and I invest most of my capital into companies with strong price-to-earnings growth (PEG) ratios. The PEG ratio is calculated by dividing the forward price-to-earnings (P/E) ratio by the expected annual growth rate of the medium term. For example, AppLovin (NASDAQ:APP) currently trades at 16 times forward earnings, but the expected growth rate is 20% annually. In turn, this gives us a PEG ratio of 0.8. Anything under one is very attractive. This is the type of stock driving my portfolio forward. In fact, I’m already up 113% on AppLovin. But the secret sauce is compound interest. If I’m reinvesting...