It’s fair to say that investing isn’t a ‘one size fits all’ type of pursuit.

In fact, it’s because investing is so personal that the stock market behaves as it does.

Of course, countering the millions of individual decisions is the herding instinct too!

If you were lucky enough to have a spare $3,000 that you wanted to deploy into the share market today, your best strategy for deploying the cash would depend on your personal circumstances and your approach to investing.

Outsourced and diversified

For example, if you were completely new to the world of investing and the share market it might be prudent to make your first investment via a listed investment company (LIC) such as WAM Capital Limited (ASX: WAM).

This strategy would provide you with immediate diversification via a professionally managed portfolio. It could also act as a good springboard to learning more about the market and a range of individual companies held within WAM Capital’s market-beating portfolio.

Growth at a Reasonable Price (GARP)

If you aren’t new to investing and already hold a diversified portfolio, then a growth stock might be appropriate for you.

Utilising the price-earnings to growth (PEG) ratio, investors can potentially identify companies which are trading at attractive levels compared to their growth potential.

Super Retail Group Ltd (ASX: SUL) is one such company that might be worth considering.

The group is a market leader in a number of retail verticals through its brands such as Rebel, BCF and Supercheap Auto.

Having reported earnings per share (EPS) of 54 cents per share in financial year (FY) 2016, Super Retail is forecast to grow EPS to 66 cps in FY 2017 (source: Reuters).

That analyst consensus forecast implies a price-to-earnings ratio of 15.7x and a growth rate of 22%. The resultant PEG ratio is an enticing 0.7.

The dividend grower

If you happen to be nearing the retirement stage of life, then income is likely to be a key focus of your investment strategy.

A company which offers both earnings and dividend growth such as TPG Telecom Ltd (ASX: TPM) might be what you’re after.

TPG’s share price took a beating last week after management’s outlook statement led analysts to slash their earnings forecasts for the group. The share price slump saw TPG’s trailing dividend yield increased from 1.2% to 1.6%.

While the trailing yield is unlikely to get an investor who needs dividend income today excited, for investors who need income further down the track, TPG could be worth considering.

Despite a reduction in the market’s growth rate expectations, TPG’s earnings are still expected to grow by close to 25% over the next two years (source: Reuters).

Assuming the dividend pay-out ratio increases to 50% in FY 2018, this would imply a dividend yield of 2.8% with, in my opinion, further upside potential.

Keep the cash for a rainy day

Finally, if you happen to already be fully invested, then you don’t have to invest the money immediately.

Retaining the $3,000 in cash can provide you with optionality and ability to pounce on an attractive opportunity when it arises.

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Motley Fool contributor Tim McArthur has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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 Bruce Jackson.