3 Stocks You Can Confidently Invest $500 in Right Now

Are you looking for stocks that you can confidently invest in right now? Here are my five top picks!

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If you’re just getting started on your investing journey, it can be very daunting to hear that many everyday investors have six- or seven-figure investment portfolios. However, the most important thing in this journey is simply to get started. Once you’ve started investing, you can continue to learn and improve on your portfolio in order to achieve the financial goals of your dreams. In addition, you can get started with as little as $500. Here are my top five picks!

A great stock for growth-minded investors

If you’re interested in high-growth, then Shopify (TSX:SHOP) is a stock that could be worth considering. For those who aren’t aware, Shopify is a global leader in the e-commerce industry. It provides merchants of all sizes with a platform and many of the tools needed to operate online stores.

Shopify’s platform is very inclusive, in that it has solutions that can cater to anyone from the first-time entrepreneur to large-cap enterprises. This inclusivity has allowed Shopify to expand at a very fast rate. In its most recent earnings report, the company recorded a trailing 12-month revenue of US$7.1 billion. This stock has gained 77% over the past year, and I think it can keep running.

One of the best dividend stocks around

Fortis (TSX:FTS) would be a great company to invest in if you’re interested in generating passive income. Fortis is a mid-sized utility company, which serves more than three million customers across North America. Because of the nature of Fortis’s business, the company is able to plan for dividend raises much ahead in advance of the actual pay dates.

That ability to plan for dividend raises has resulted in Fortis maintaining the second-longest active dividend growth streak in Canada. Fortis has managed to increase its dividend distribution in each of the past 50 years. The company has already stated plans to continue raising its dividend through to at least 2028.

Another great tech stock

This next stock is one that I would consider an essential one to hold in a Canadian investment portfolio. There is one very important caveat, however. You can only invest $500 in it if your brokerage allows for fractional shares. That’s because a single share costs a lot more than $500. However, despite only being able to pick up a fraction of this company, I think it would still be a great idea.

Constellation Software (TSX:CSU) is the company I have in mind. That’s a name that many new investors may not have heard of. That’s because Constellation Software doesn’t operate a consumer-facing business. It acquires vertical market software businesses and then helps transform those into exceptional business units. Constellation Software uses a very proven playbook, which has helped its stock grow more than 20,000% since its initial public offering.

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 Constellation Software, Fortis, and Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Constellation Software and Fortis. The Motley Fool has a disclosure policy.

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