Just Started Investing? 3 TSX Stocks to Launch Your Wealth

Are you interested in starting an investment portfolio? Here are three top stocks to consider today!

| More on:
edit Business accounting concept, Business man using calculator with computer laptop, budget and loan paper in office.

Image source: Getty Images

Investing in the stock market can be an exciting journey. Without a doubt, it’s certainly a great step to take. Doing so allows the everyday person to take control of their finances and help push themselves closer to a comfortable retirement. However, investors always have a hard time deciding which stocks they should hold in a portfolio.

In this article, I’ll suggest three great starter stocks that could launch your wealth.

This is a great financial institution

If there’s one stock that all Canadians should consider holding in their portfolio, I’d say that’s Brookfield Corporation (TSX:BN). This is one of the largest financial institutions in the country, and it has a great track record to boot. Brookfield Corporation is a conglomerate with several different business segments. These include asset management, infrastructure, insurance and claims, renewable utilities, and private equity.

Brookfield Corporation is led by its long-time chief executive officer (CEO), Bruce Flatt. He has widely been compared to Warren Buffett, which should be reassuring to potential investors. Those two legendry executives draw comparisons for large ownership stakes in their respective companies, long tenures as CEO, and value investing style. In my opinion, Brookfield Corporation is a solid buy as long as Flatt remains in charge.

This company recently underwent a spin off, but it’s still much too early to assess what that means to this stock. If you’re interested in a bit more information regarding that, check out this great overview of the situation published by the Motley Fool earlier this month.

Here’s a tech conglomerate you may find interesting

If reading up on Brookfield Corporation has got you interested in conglomerates, then consider Constellation Software (TSX:CSU). This company acquires vertical market software (VMS) businesses. Since its founding, Constellation Software has completed hundreds of acquisitions. However, the shining star regarding this company is what happens after it closes a transaction. Upon acquiring a business, Constellation Software provides the coaching and resources necessary to turn those acquisitions into exceptional business units.

For those unfamiliar with Constellation Software, its stock has been one of the best performers on the TSX over the past decade and a half. Since 2006, Constellation Software stock has gained more than 11,500%. That represents a CAGR of more than 33%. This year, Constellation Software stock has fallen just under 9%. I believe this presents a great opportunity for investors to accumulate shares at a nice discount.

For investors that are interested in greater growth potential

Although I believe that new investors should focus on blue-chip stocks, I think it’s a good idea to hold stocks that could give your portfolio a bit of a boost via growth. With that in mind, I think Shopify (TSX:SHOP) could be a great stock to consider today. This company has grown from being a small tech startup in Ottawa to one of the largest entities in the global e-commerce industry.

Shopify has certainly seen its fair share of struggles this year. First, its stock was hit hard by rising interest rates and the soaring inflation rate. Then the company needed to lay off more than 10% of its workforce. However, despite those issues, I believe the long-term investment thesis is still strong here. Shopify offers solutions to everyone from first-time entrepreneurs to some of the largest enterprises in the world. As the e-commerce industry continues to grow, I think Shopify could grow alongside it.

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 Jed Lloren has positions in Brookfield, Constellation Software, and Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Brookfield, Brookfield Corporation, and Constellation Software. The Motley Fool has a disclosure policy.

More on Stocks for Beginners

Plane on runway, aircraft
Stocks for Beginners

Up 53% From its 52-Week Low, Is Cargojet Stock Still a Buy?

Cargojet (TSX:CJT) stock is up a whopping 53%, nearing closer to 52-week highs from 52-week lows, so what's next for…

Read more »

Businessman holding tablet and showing a growing virtual hologram of statistics, graph and chart with arrow up on dark background. Stock market. Business growth, planning and strategy concept
Dividend Stocks

TFSA Magic: Earn Enormous Passive Income That the CRA Can’t Touch

If you're seeking out passive income, with zero taxes involved, then get on board with a TFSA and this portfolio…

Read more »

Man with no money. Businessman holding empty wallet
Dividend Stocks

2 Stocks Under $50 New Investors Can Confidently Buy

There are some great stocks under $50 that every investor needs to know about. Here’s a look at two great…

Read more »

potted green plant grows up in arrow shape
Stocks for Beginners

3 Growth Stocks I’m Buying in April

These three growth stocks are up in the last year, and that is likely to continue on as we keep…

Read more »

Growth from coins
Dividend Stocks

1 Grade A Dividend Stock Down 11% to Buy and Hold Forever 

If you're looking for the right dividend stock at the right price, you're going to want to consider this insurance…

Read more »

IMAGE OF A NOTEBOOK WITH TFSA WRITTEN ON IT
Stocks for Beginners

3 TFSA Hacks That Could Make You a Millionaire

Do you want a $1 million without worrying about the tax bill? These TFSA hacks could help you become a…

Read more »

Early retirement handwritten in a note
Stocks for Beginners

These 2 TSX Growth Stocks Could Help You Retire Early

Buying these two TSX growth stocks can help you retire early by multiplying hard-earned savings in the long run.

Read more »

Technology
Stocks for Beginners

The Best Stocks to Invest $1,000 in Right Now

Want a great starter portfolio? Here’s a list of the best stocks to invest $1,000 in right now for long-term…

Read more »