Nice shotgun, good choice...but the pistol grip on your new 500 is going to KILL your hand. Unless your shooting light birdshot loads, your hand will be f*cked after a couple of boxes of slugs or magnum buckshot loads.
I've owned a couple pistol grip shotties and after firing 3" magnum slugs the web of your hand is killing for a day or two. Would be a great carry gun in the woods or for self-defence in close quarters, but not to shoot extensively with magnum loads.
If you've never had/shot a shotgun before, a great choice would be a Norinco HP9 14" (If you like the compact look), or a Rem 870 7-shot synthetic express for an all purpose shotgun. They both go for around $400.00 NIB, and with the full stock you can fire any load you want all day long, 3" Magnum slugs, 000 Buckshot, etc.