Low vs High Time Preference

What does it mean to have a low time preference? To put it simply it means you have surpassed the need for instant gratification and you are focused on a possible future self.

I say possible future self, as tomorrow (obviously) isn't guaranteed, if social media in 2020 has shown us anything its that the world can be a scary and divided place (ANTIFA, BLM, Trump/Biden, COVID-19, Riots in the streets, racial tensions, Geopolitics etc etc)

I’m from Australia and from the looks of it online, especially in the United States things are pretty messed…