Only one in three millennials invests in the stock market, according to Bankrate. Research from Ally Invest found that fear overwhelmingly keeps young adults from investing.

That fear could mean missing out on portfolio growth, but buying and holding early on typically pays off in the long run. Just ask the world's most successful buy-and-hold investor, Warren Buffett.

The strategy isn’t perfect. Like any other investing strategy, buying and holding has its flaws. “The primary disadvantage is that you have to commit your money for a longer period,” says Paul Lightfoot, president of Optima Asset Management in Dallas. As a result, some of your money should be kept out of the market in a liquid account for emergencies so that you won't need to sell assets at an inopportune time.

Lightfoot says the best lesson buy-and-hold investors can learn is to tune out market news. “Set guidelines for how you’ll invest, ignore all the noise in the media and stick to your plan.”

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