Question

How does the expected future income affect an individual time preference for money?

Answer 1

In economics, time preference (or time discounting,[1] delay discounting, temporal discounting)[2] is the current relative valuation placed on receiving a good at an earlier date compared with receiving it at a later date.[3]

There is no absolute distinction that separates "high" and "low" time preference, only comparisons with others either individually or in aggregate. Someone with a high time preference is focused substantially on his well-being in the present and the immediate future relative to the average person, while someone with low time preference places more emphasis than average on their well-being in the further future.