The Smartest Stocks to Buy With $500 Right Now

Even if you have just $500 to invest, these are some solid Canadian stocks to buy now before they enjoy another wave of share gains.

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It cannot be understated just how insane this last year has been for Canadian investors. The turnaround has been incredible, with the TSX up 75% from lows from the COVID-19 crash to date. It’s a record-breaking bounce back that, frankly, very few saw coming. But even with this bounce back, there are many stocks to buy for a bargain today. And you don’t have to invest millions to build that wealth.

So, today, we’re going to look at what just $500 could do by investing in three stocks right now. They’re smart investments that won’t break the bank and will still allow you to pay your bills at the end of the day.

A smart fintech stock

Fintech stocks are becoming more and more popular, with the promise of teaching instead of just doing. A great example is MOGO (TSX:MOGO)(NASDAQ:MOGO), a Canadian company that provides learning tools, advice, and even investment and digital wallet options for clients.

What investors should really love about MOGO stock is one thing: subscription revenue. MOGO stock picks up subscription revenue through its products, providing recurring revenue for shareholders. Year-over-year revenue continues to expand — most recently, by 33.91%! And it’s only in its beginning stages, and that’s why it’s one of the stocks to buy today.

MOGO stock is linked to cryptocurrency, providing its users the opportunity to use cryptocurrency in their digital wallets. It’s also expanding to MogoTrade to allow users to invest as well. Shares in the company have grown 660% in the last year alone but are down 28% since all-time highs, providing the perfect jumping in opportunity — especially at just $9.40 per share.

A smart REIT stock

Other stocks to buy right now are involved in e-commerce. But not all e-commerce stocks are built the same. In fact, some are merely related, such as WPT Industrial REIT (TSX:WIR.UN). This company provides light industrial properties for companies to store and ship products, with its partnerships with many large brands providing extensive revenue.

Occupancy increased to 98% during its latest earnings report, with revenue increasing 55% year over year while collecting 99% of rents! And that’s only going to get larger, as the company continues to acquire more properties. Shares in the company are up 30% in the last year alone, and it offers a solid dividend yield of 3.65% as of writing.

A gamble stock

It’s not what you think! The world of sports betting is expanding, and it’s another industry that continues to grow. These are stocks to buy now before another huge wave of interest erupts. That includes Score Media and Gaming (TSXV:SCR)(NASDAQ:SCR), which recently became listed on the NASDAQ. The company offers a mobile sports application to get information on various sports, but it also now provides a mobile sports-betting platform for various pre-game and in-game markets.

One of the most exciting developments is the Canadian government recently approved single-game sports betting in the House of Commons. It’s since moved on to the Senate, where it’s really any day now that we should hear one way or another about the ultimate decision. Such a decision would bring in massive revenue for both this company and Canada as a whole.

It’s no wonder then that shares have grown 226% in the last year alone. Yet it’s also down from the fall in tech stocks. Today, investors can pick it up at $19.53 per share — a discount of 66% since those highs!

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned.

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