When making resource plans, the most natural course is to plan for the soonest upcoming period first.
Once our needs are met for today, then we move on to planning for tomorrow. When those needs have been covered, then we think about the day after that, and so forth, until finally we can no longer see any more moves ahead on the chessboard or our lives.
This is discounting future value, in that you give a greater weight of prioritization to meeting present needs, rather than future needs. This is different than time preference, in that it is not a statement about the relative value of present or future consumption, but rather a practical matter of reducing planning mistakes, and prioritizing present needs because we can more accurately predict what those will be, and what is needed to fulfill them.
The logic of financial discounting is typically the exact opposite, that we discount present value because the further the time horizon, that allows for a longer window to develop labor saving tools and strategies, and thus fulfill those needs more efficiently.
In this, it is asserted that time preference is an expression of the potential of forward looking resource impact. That resources expended or consumed today, will have compounding benefits, and thus if we plan ahead, then we can meet our needs using fewer resources.
I will assert here that both effects are real, and that the challenge of investing is about the tension between these two effects, that is, when future planning pays dividends and saves costs, and when it becomes inaccurate and creates waste through misallocation.
And furthermore I wish to assert, that the most fundamental difference between asset classes, is not their naive yield, but rather that their effective planning horizons reflect disparities: they cover unique needs over different time horizons, and the potential for financial profit comes from meeting needs that others fail to cover.
The horizon for an asset is specifically dictated by what it means to consume that asset. This applies to both physical commodities, and abstract rights. It covers gold, food storage, and fiat bonds. It applies to crypto and corporate shares.
All of these meet unique needs and are consumed differently. Importantly taxes are critical. I define a tax as a cost to defend property. Thus all taxes are negative dividends, and public dividends are a negative tax.