Where to invest $500 into ASX shares right now

Here's why I would be investing $500 into Afterpay Ltd (ASX:APT) and these ASX shares next week…

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Are you planning to invest $500 into the share market in the near future?

If you are, I believe you should be looking long term with your investments. This is because at ~$10 per trade, brokerage costs will eat into your profits if you are constantly buying and selling shares.

But which shares should you buy with $500? Listed below are three quality ASX shares I think would be great options for investors:

Afterpay Ltd (ASX: APT)

I believe this buy now pay later (BNPL) provider could be a great option for a $500 investment. I believe Afterpay could be a long term market beater thanks to the growing popularity of BNPL with consumers and retailers and its global expansion plans. The latter includes plans to expand into Europe and potentially Asia in FY 2021. Combined with its long runway for growth in the $5 trillion United States market, I believe Afterpay's earnings could grow at a rapid rate for many years to come. And if everything goes to plan, I feel Afterpay has the potential to become a giant of the payments industry.

Nearmap Ltd (ASX: NEA)

Another ASX share to consider investing $500 into is Nearmap. It is an aerial imagery technology and location data company with operations currently in the ANZ and North American markets. I believe it could also be a long term market beater. This is due to the quality of its software and its strong position in a fragmented market worth an estimated $2.9 billion per year. Another positive is that the company has the option to increase its addressable market by expanding into other countries in the future.

Pushpay Holdings Group Ltd (ASX: PPH)

A final ASX share to consider investing $500 into is Pushpay. It is a leading donor management platform provider for the faith sector. Due to the digitisation of the church and the shift to a cashless society, I believe Pushpay is well-positioned for growth over the 2020s. This certainly will be the case in FY 2021. Management recently advised that it is on course to deliver EBITDAF of between US$48 million and US$52 million this year. This will be a 91.2% to 107% increase, respectively, year on year. Looking further ahead, Pushpay is targeting a 50% share of the medium to large church market. This represents a US$1 billion revenue opportunity.

Wondering where you should invest $1,000 right now?

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. and PUSHPAY FPO NZX. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Nearmap Ltd. and PUSHPAY FPO NZX. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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