#34 To Buy Now Or Later - What Is Time Preference?
Episode description
Melvin Lim from PropertyLimBrothers delves into a fascinating economics theory, speaking about the concept of Time Preference and how it intercorrelates with not just economics, but real estate and decision-making in life. So in the essence When is the right time to make the transition from renting to owning a home?
Defining low versus high time preference, find out how it plays a significant role in decision-making. We’ll also introduce 4 key factors you need to understand before making any significant decision, whether it’s about investments, personal finances, or life choices. A prelude to our upcoming few sessions, tune in to this episode to get a head start!
(00:00) Intro (01:03) What is time preference? (02:55) High / Low-Time Preference (05:37) Example : High Time Preference (08:13) Example : Low Time Preference (09:12) Low time Preference VS High time Preference - Salesperson (11:31) Time Preference as property buyer or investor (14:58) Deciding Your Time Preference (19:45) Oversea Property Investment (21:16) Singapore Property Market - Demographic (23:32) Wrap Up