Many choices require making a choice between the now and the future. Every time we commit our time or money, we are sacrificing something today in order to gain something tomorrow.
We therefore forgo current expenditure in favor of future consumption by setting aside a portion of our income. When we enroll in college, we sacrifice our current income and free time in order to increase our consumption (through future income).
It is challenging to overlook the fact that many of these choices are made in the face of significant uncertainty once you begin to consider trade-offs across time. We don't know whether our savings will be profitable when we save.
When we enroll in school, neither a future job nor a particular income are promises. We have given some explanations of the characteristics of these uncertainties and how to handle them.
It is beneficial to learn discounted present value and anticipated value procedures since they will guide your decision-making throughout your life.
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