You don't need tens of thousands of dollars to invest in the stock market. A $500 investment can be a good start, especially if you aren't incurring any commission costs to buy or sell a stock. And three stocks that could be market-beating investments next year and great options to consider right now include GoodRx Holdings (GDRX -1.51%), PayPal Holdings (PYPL 0.23%), and AT&T (T 2.15%).

1. GoodRx Holdings

GoodRx has a market capitalization of less than $2 billion and is the type of stock that could potentially make for an attractive acquisition target. It's in the business of coupons and discounts and helping consumers save money on prescription medication.

You don't have to pay to use the service, but you can to secure better deals. And it wouldn't surprise me if, in a few years, it's part of a larger business, given how cheap of a buy it is right now.

The company has faced challenges in 2022 as an unnamed grocer stopped accepting discounts, which put a dent in GoodRx's sales growth. In its most recent quarter, for the period ended Sept. 30, sales of $187.3 million were down 4% year over year.

GoodRx noted that it was still feeling the effects of the grocer issue (even though it has technically been resolved). As things hopefully stabilize next year and GoodRx's business gets back to generating growth, the stock should rebound.

It's down 86% year to date, and that's likely due to a combination of growth stocks coming under pressure in the current bear market and GoodRx's own results being underwhelming. But if the economy shows signs of improving and GoodRx doesn't face any surprise headwinds, it could be in good shape to deliver some strong returns.

The shares trade at 18 times future earnings (based on analyst expectations), which puts it in line with the S&P 500 average. This is a risky stock, but it also has lots of potential upside.

2. PayPal

Another beaten-down stock that could rally in 2023 is PayPal. It has declined 63% this year and could be at a cheap-enough valuation where it has plenty of potential to rise in value in 2023. It's currently trading at just 14 times future earnings.

PayPal's struggles are, for the most part, going to go hand in hand with how the economy is performing. If consumers aren't spending, they aren't moving money around on PayPal's platforms. This includes Venmo, which is a way for friends to split bills and request money from one another.

PayPal's sales totaled $6.9 billion and grew at a modest rate of 11% last quarter (for the period ended Sept. 30). For next quarter, the company is projecting a growth rate of only 7%.

While the growth stock may be in trouble right now, if investors get a whiff of a stronger economy and a better outlook for the future, shares of PayPal could get red hot really quickly.

3. AT&T

Telecom giant AT&T isn't a stock that I would expect to amass significant returns next year, but it still has the potential to beat the market. At a forward price-to-earnings multiple of seven, it's a relatively cheap buy. Since the company spun off WarnerMedia (which is now part of Warner Bros. Discovery), it has transitioned back to being more of a traditional dividend stock, one that offers stability and a safe yield.

The company has been focusing on its 5G network and investing in its core business. CEO John Stankey is seeing that pay off, noting that, "[O]ur results show our strategy is resonating with customers as we continue to see robust levels of postpaid phone net adds and approach 1 million AT&T Fiber net adds for the year." Its wireless service revenue growth of 5.6% for the period ended Sept. 30 was the best the company has achieved in over a decade.

AT&T offers a solid yield of 6.1%, which is more than three times the S&P 500 average of 1.8%. On a $500 investment, AT&T could be generating $30 in dividend income for you over the course of the year. Over time, you may want to add more to that holding to boost your recurring income even further.

Stocks like AT&T that offer high yields and shouldn't be terribly volatile could be popular places to invest in next year. At less than 60%, the stock's payout ratio is sustainable and offers lots of safety. Its high yield and low valuation could make AT&T an underdog stock to own next year and put it in a good position to outperform the stock market.