Canadian Investors: Where to Invest $100 Right Now

If you develop the habit of investing whatever sum of money you have as soon as possible, you will remain safe from inflation, and more time might result in better returns.

Restaurant prices vary drastically from city to city, but $100 is an amount two people might spend on fine dining on a modestly lavish night out. So $100 might not be an amount you would perceive as “adequate investment capital.” However, you may still save $100 and put it away for a rainy day.

Unfortunately, the $100 is likely to erode in value due to inflation. The current abnormally high-interest rates are aggressively eating away your savings in cash, so the best way to protect your money is to invest it in an asset that may offer inflation-beating returns, even if it’s just a hundred dollars.

A healthcare technology company

WELL Health Technologies (TSX: WELL) stock has seen extreme price movements in the last three and a half years. From the beginning of 2019 to its 2021 peak, the stock rose by over 1,870%. After hovering near that point for a few months, it started falling rapidly and is already down 64%. The current trajectory suggests that the stock might continue going down for a while.

The stock is currently quite modestly valued, especially if we consider it a tech stock instead of a healthcare stock.

Its organic growth so far has been amazing as well. It has about 2,100 healthcare professionals/practitioners directly under its purview who offer patient care through OPDs and the digital platform – both owned and operated by Well Health. There are 21,000 healthcare professionals connected only digitally to the WELL Health network.

The stock is currently trading at $3.2 per share. You can get about 31 shares for $100.

A gold stock

While $100 might not make up a sizeable enough fraction of your capital to be considered a hedge, even if it’s invested in a gold stock like Kinross Gold (TSX: K)(NYSE: KGC), it’s still an investment worth pursuing. The company is currently trading for $4.2 per share, so you can buy at least 23 units with the funds.

In the last decade, the stock has gone through two major growth phases, easily tripling its investors’ capital both times. It’s also offering a modest 3.2% yield, which will not be very rewarding with the limited money. So its growth potential is your best bet, and considering the upcoming recession and aggressive discount the stock is currently offering, the time might be ripe for Kinross to go bullish.

A tech stock

If you have enough risk tolerance, Galaxy Digital Holdings (TSX: GLXY) is an investment worth considering. The stock is brutally discounted and undervalued, weighed down by the crypto market. And at its current price, the stock can turn your $100 to well over $600 just by reaching its former peak again, which is not too high a benchmark.

One thing differentiating Galaxy from other crypto stocks (especially miners) is that it’s not dependent upon one or two cryptos like Bitcoin or Ethereum. It has a broader exposure to the crypto market, so even if Bitcoin gains enough momentum, it might be enough to push Galaxy stock to new heights (thanks to the optimism).

Foolish takeaway

The three aren’t exactly penny stocks, but since all of them are currently trading at a single-digit price tag, you can buy several units even if you are working with limited capital. Though if you are comfortable with fractional stocks, you can even buy shares in some of the most expensive securities like Constellation Software.

Fool contributor Adam Othman has no position in any of the stocks mentioned. The Motley Fool recommends Bitcoin, Constellation Software, and Ethereum.

More on Tech Stocks

young adult uses credit card to shop online
Tech Stocks

Is Shopify Stock Too Expensive? A Great Quarter Meets a Sky-High Valuation

Shopify's latest quarter was impressive, but its expensive valuation could make investors think twice before buying.

Read more »

AI image of a face with chips
Tech Stocks

Thomson Reuters Sells the Majority of Its Print Business as It Bets on AI: Can the Suffering Stock Bounce Back?

Learn how Thomson Reuters recovered from a 62% dip and what the future holds for its major revenue segments.

Read more »

voice-recognition-talking-to-a-smartphone
Dividend Stocks

BCE Just Reported: What $10,000 Could Earn You in Dividends Today

BCE is yielding a very generous 5.2%, as the company's telecom business improves and long-term investments drive growth.

Read more »

woman looks at iPhone
Dividend Stocks

Telus Reset its Dividend: Here’s My Buy, Sell, or Hold Take

Telus’s smaller dividend offers a fresh starting point, but debt reduction has to earn investors’ patience.

Read more »

a person watches a downward arrow crash through the floor
Dividend Stocks

The TSX Dropped 736 Points Thursday: Here’s Why Long-Term Investors Can Stay Calm

Long-term investors can stay calm in the gyrating waters of the stock market by maintaining portfolio diversification and rebalancing periodically.

Read more »

The virtual button with the letters AI in a circle hovering above a keyboard, about to be clicked by a cursor.
Tech Stocks

OpenText’s Revenue Fell Again, But Here’s What Investors Could Be Missing

OpenText’s latest results reveal growth beneath falling revenue, with its AI opportunity depending on turning customer demand into stronger earnings.

Read more »

running robot changes direction
Tech Stocks

Lightspeed Stock Drops 14% After Earnings: Here’s Why I’d Buy the Dip

Dax Dasilva explains how better customer deals and AI that tackles merchants’ daily chores could strengthen Lightspeed’s recovery.

Read more »

gift is bigger than the other
Tech Stocks

Holiday Test Ahead: Shopify Forecasts Another 30%-Plus Quarter as Shoppers Gear Up

Shopify forecasts another quarter of 30%-plus revenue growth. Here’s what its holiday outlook means for investors, and which results to…

Read more »