The Smartest Dividend Stocks to Buy With $150 Right Now

If you're on a tight budget, you sometimes have to compromise with the products you buy. Maybe you eat fast food instead of going to a higher-end restaurant. Perhaps you purchase second-hand furniture instead of new furniture.

But such compromises aren't necessary in investing. Even if you don't have much money, you can find great stocks -- many of which offer exceptional dividends. Here are my picks for the smartest dividend stocks to buy with $150 right now.

1. Ares Capital

You can scoop up two shares of Ares Capital (ARCC 0.25%) for less than $44. And you'll get a lot of bang for your buck with this stock.

Ares Capital is a top business development company (BDC). It provides financing to middle-market businesses, which typically generate annual revenue between $100 million and $3 billion.

As a BDC, Ares must return at least 90% of its earnings to shareholders via dividends to be exempt from income taxes on its profits. The company has paid stable or growing dividends for 15 consecutive years. Its forward dividend yield currently stands a hair shy of 9%.

Ares Capital has generated the highest total returns and dividend growth of any large publicly traded BDC over the last 10 years. Since its founding in 2004, the company's cumulative total return has topped 1,000% compared to roughly 674% for the S&P 500.

2. Enbridge

You won't be able to buy two shares of Enbridge (ENB 3.48%) with another $45 of your initial $150, but you can buy one. Doing so will give you partial ownership of one of North America's best midstream energy companies.

Enbridge is more than just a midstream energy company today, though. It still operates pipelines and natural gas storage facilities in the U.S. and Canada. But thanks to recent acquisitions, the company is also now the largest natural gas utility in North America and is expanding its renewable energy operations.

What about dividends? Enbridge has increased its dividend for an impressive 29 consecutive years. Its forward dividend yield is a lofty 6.2%.

Investors should also be able to count on steady dividends from Enbridge in the future. Roughly 98% of the company's cash flows are contracted or part of cost-of-service agreements that reduce volatility. Enbridge has minimal exposure to commodity price fluctuations. This excellent dividend payer is well positioned to succeed in both up and down markets.

3. Realty Income

After buying two shares of Ares Capital and one share of Enbridge, you'd have more than $60 remaining from your initial $150. That's enough to pick up one share of Realty Income (O 1.81%), the seventh-largest global real estate investment trust (REIT).

Realty Income has something in common with Ares Capital: As a REIT, it must return at least 90% of its profits to shareholders as dividends. It also has a similar dividend track record to Enbridge, with 30 consecutive years of dividend increases.

Granted, Realty Income's forward dividend yield of 5.58% isn't quite as juicy as the yields of Ares and Enbridge. However, the REIT provides a nice plus for income investors by paying its dividend monthly instead of quarterly.

You shouldn't have to worry about the sustainability of Realty Income's dividend. Around 90% of its total rent is quite resilient to economic downturns. The company's real estate portfolio is also highly diversified, with over 1,550 clients representing 90 industries.

Want more? Realty Income also has great growth prospects. The REIT has a major opportunity to further consolidate the U.S. net lease market. It's also targeting expansion in Europe, which boasts a total addressable market of $8.5 trillion.