Building a great portfolio that can provide a recurring and stable income can be a daunting task, particularly for those who are new to investing. Fortunately, it doesnât need to be difficult, and the market has plenty of options for those investors who are ready to invest.

Hereâs a trio of options for investors to consider who have $5,000 to kick off a new or augment an existing portfolio.

Income isnât just for retirees

When considering investments, income-generating stocks are often disregarded by newer investors who arenât ready to draw on that income yet. Thatâs a shame because great income generators, like $Enbridge (ENB.US)$ (TSX:ENB), can be a huge source of growth.

For those unfamiliar with the stock, Enbridge is an energy infrastructure behemoth. The company not only operates a massive pipeline network that traverses North America, but Enbridge also boasts a massive utility and renewable energy business.

Collectively, those units generate sufficient revenue to both invest in long-term growth initiatives as well as pay out a very handsome quarterly dividend. As of the time of writing, Enbridge offers an insane yield of 7.59%.

For investors with $5,000 to invest, that works out to just over 100 shares of Enbridge. Thatâs not enough to retire on, but it is enough to generate more than half a dozen additional shares through reinvested dividends.

Reinvesting those dividends allows any eventual income to grow on autopilot until needed.

And thatâs just the expected income for the first year.

Enbridge has an established cadence of providing juicy annual upticks to that dividend going back three decades without fail. The company also plans to continue that cadence.

In other words, your buy-and-forget investment in Enbridge will continue to appreciate for years to come.

Are you ready to invest in Enbridge?

How about some stability?

Another great option for investors who are ready to invest is $Fortis (FTS.US)$ (TSX:FTS). Fortis is one of the largest utility stocks on the continent with 10 operating regions that blanket Canada, the U.S., and the Caribbean.

Utility stocks are superb investments despite them often being labelled as boring options that lack growth.

Utilities like Fortis provide a service. That service and the amount of compensation (i.e., revenue) that the utility generates is set out in regulated contracts, which typically span decades in duration.

That recurring revenue allows Fortis to invest in growth and pay out a handsome dividend. As of the time of writing, that dividend works out to a respectable 4.41%.

And like Enbridge, Fortis has amassed decades of annual upticks to that dividend, with plans to continue that cadence. In fact, Fortis is one of only two Dividend Kings on the market.

Dividend Kings are stocks on the market with a whopping 50 consecutive years or more of annual upticks. Fortis plans to continue its annual tradition, making this a defensive must-have for any well-diversified portfolio.

Are you ready to invest in Fortis now?

This stock balances growth and income

When looking at a list of stocks for investors who are ready to invest in, I would be remiss if I didnât mention one of Canadaâs big banks. The big banks offer a juicy yield and incredibly stable growth that goes back over a century.

$Canadian Imperial Bank of Commerce (CM.US)$ (TSX:CM) is a great option for investors ready to invest, whether it's $5,000, more, or less. The focus for investors considering CIBC should be on the long term rather than any short-term bumps in stock price.

Apart from its juicy 5.44% yield, CIBC also boasts an impressive price-to-earnings ratio of just 10.10. The bank also operates a stable segment in Canada and a growing international footprint focused on the U.S. market.

For those investors who are ready to invest $5,000 in CIBC, given the current share price, that initial outlay works out to generate just shy of $300 income.

Again, the focus for investors with $5,000 to drop in CIBC should be on the long-term growth potential through reinvestments, rather than the immediate income.

And like Fortis and Enbridge, CIBC has an established cadence of annual upticks to that dividend, making this yet another buy-and-forget candidate.

Are you ready to invest?

All three of the stocks mentioned above are, in my opinion, great options to kick off a new or build on any existing portfolio.

The stocks provide a good balance of income and growth potential and, more importantly, provide some defensive appeal, too.

In short, if you are ready to invest, buy them, hold them, and watch your portfolio (and future income) grow.

The post Ready to Invest With $5,000? 3 Stocks for July 2024 appeared first on The Motley Fool Canada.