Can anyone tell me the best paid advertising. I am new to internet marketing and have a budget of $500. What would be the best use for this money to get traffic.

Do PPC for your website. You can set the budget and I think 500 bucks will be good for a few keywords. By doing this, you can get targetted traffic. by that, of course google gives you people who are really looking for whatever you are offering. Don't go for paid services that says they can increase your traffic. there is a difference between traffic increase and conversion or ROI ( return of investments) most of those traffic increase program sites sends traffic to your site that are not really targeted. traffic that will only stay seconds on your site and will not buy any product or service.

thanks for the tip