Listen to Ridge Runner. 500 yards is a little ways out and requires good equipment and practice to make ethical shots on animals. Do you have a place to practice shooting at 500 yards? If so, you're way ahead of most of us.

I would recommend that if you want to shoot long range, you invest in a good rifle, a very good scope, a laser rangefinder, and last, but not least, a handloading setup.
Handloading will let you squeeze the best accuracy out of your rifle with bullets suitable for long range shooting. I've never had a rifle that I couldn't get to 1 MOA with handloading, but only one that consistently shot <1MOA with factory loads, and it was a target/varmint weight rifle.

Mike