We asked financial professionals what the biggest investing regrets are. Here are 5 things they said

One thread that ran through the collected responses was the regret of not investing earlier.

“I lived practically throughout my 20s without investing or saving. In other words, I spent every dollar I ever made,” says Andrew Herzog, associate wealth manager at The Watchman Group. “Therefore, I missed out on maxing my Roth IRA for five-plus years after graduating college. I wish I would’ve developed good money habits sooner.”

A common misconception, particularly among young people, is that they think they need a lot of money in order to invest, and so they wait. But most major brokerage accounts don’t have a minimum, so you can get started with very little, sometimes even $1.

You can also buy fractional shares of stocks and ETFs if you’re unable to buy a full share but still want to invest.

Many investors also regret not paying special attention to the taxes they have to pay on their investments. In many cases, you can legally reduce those taxes, defer them or even eliminate them entirely.

“I’ve encountered clients who regret not taking advantage of strategies like maximizing contributions to tax-advantaged accounts or missing opportunities to minimize taxes with techniques like tax-loss harvesting, Roth IRA conversions or donating appreciated stock to charity,” says Maria Castillo Dominguez, CFP, founder of Valoria Wealth Management.

There are a few ways to become more tax efficient with your investments:

• Buy and hold investments so you don’t have to pay capital gains taxes.

• Open an IRA, which lets you put money away on a pre-tax basis.

• Contribute to a 401(k) plan, which lets you defer money from your paycheck on a pre-tax basis.

• Take advantage of tax-loss harvesting to reduce or eliminate taxable capital gains by selling investments at a loss to offset gains and lower your overall tax bill.

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  Evaluate your asset allocation and rebalance your portfolio to enhance tax-efficiency.

It’s a tale as old as time: The stock market experiences a rut, and you’re tempted to sell it all because you think things will only get worse from here. But long-term investors, including investing magnate Warren Buffett, recommend that you buy and hold stocks for as long as you can.

Jumping out of investments when volatility strikes is becoming more common — and to the investors’ detriment, says Steve O. Oniya, president and chartered financial consultant (CFC) at OM Investments.

How do you resist selling when the market takes a downturn? First, know that saving and investing for retirement is a long-term game. The market often experiences ups and downs over long periods, so some volatility is normal.

If you do notice that your 401(k) or other retirement accounts are losing money, consider what may be driving the loss. Are your investments concentrated in one area? Or is the market just experiencing a normal rut?

The hardest part is starting. If you have absolutely no idea where to begin, it may be a wise decision to speak with a financial advisor who can help you create a plan.

In general, it often pays to keep things simple and then expand your strategy as your skills develop. Consider picking a popular investment strategy that will work for you and then stick with it. For example, open a brokerage account and invest your money in an S&P 500 index fund containing America’s largest companies.

Then, hold on — for a long time. Let the power of compounding go to work. Compounding occurs when your money grows not only from what you invested initially but also from the profits as they accumulate over time. Think of it like a snowball rolling down a hill.

For all of the many regrets that can come with investing, most can be avoided by starting early. Investing can be intimidating, but oftentimes, the hardest part is just getting started.

Take time to consider what your long-term financial goals are and what your risk tolerance is, then open an account. Whether it’s a retirement account or a brokerage account, it usually only takes a few minutes to set up.

Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation.