No. of Recommendations: 1
Paper gains are nice, but they are not really gains until you sell.

With a liquid asset like stocks, paper gains are actual gains since you could sell at any time, and you are continually "in the game". If you keep betting on the roulette wheel every round, you are gaining/losing chips (which equal wealth) even though the amount of cash in your pocket isn't changing.

With an illiquid asset like real estate, you can't be sure whether the paper gains represent actual gains you could realize or whether they are just in everybody's imagination.
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