Looking to Invest $1000 in the TSX? Consider These Two Stocks

Investing in the TSX can be an excellent way to grow your wealth over time. With so many stocks to choose from, however, it can be challenging to decide where to allocate your funds. In this post, we'll highlight two stocks that could be worth considering as part of your investment portfolio.

Shopify Inc. (SHOP.TO)

Shopify is an e-commerce platform that has seen tremendous growth since its IPO in 2015. In 2020 alone, Shopify's stock price more than tripled, making it one of the top-performing TSX stocks of the year. Shopify is well-positioned to benefit from the ongoing growth of the e-commerce industry. Its platform is user-friendly, customizable, and affordable, which makes it an attractive option for small and medium-sized businesses. Additionally, Shopify has a strong track record of innovation, consistently adding new features and tools to its platform to stay ahead of the competition.

Brookfield Renewable Partners LP (BEP.UN.TO)

Brookfield Renewable Partners is a renewable energy company that owns and operates a portfolio of wind, solar, and hydroelectric power facilities around the world. As climate change concerns continue to grow, demand for renewable energy is expected to increase, making Brookfield Renewable Partners an attractive investment opportunity. Additionally, Brookfield Renewable Partners offers a stable and attractive dividend yield, currently paying a quarterly dividend of $0.303 per share, which translates to an annual yield of around 3.5%.

While both Shopify and Brookfield Renewable Partners offer compelling growth potential, it's important to remember that all investments come with risks. Stock prices can be volatile, and there's no guarantee that a particular stock will perform as expected. As such, it's essential to do your own research and consult with a financial advisor before making any investment decisions.

One way to mitigate risk is to diversify your portfolio by investing in a variety of different stocks across multiple industries and sectors. This can help to spread your risk across different companies and potentially reduce the impact of any individual stock's performance on your overall portfolio.

Another option to consider is investing in ETFs or mutual funds, which offer exposure to a broader range of stocks and other securities. By investing in ETFs or mutual funds, you can benefit from the diversification they offer, potentially generating more stable returns over the long term.

In summary, Shopify and Brookfield Renewable Partners are two TSX stocks that could be worth considering as part of your investment portfolio. As always, it's essential to do your own research, consider your investment goals and risk tolerance, and consult with a financial advisor before making any investment decisions. By following these principles and investing wisely, you can grow your wealth and achieve your financial goals.