High time preference thinking is more concerned with the needs of the present moment, whereas low time preference thinking delays present gratification and places more emphasis on future needs.

It's closely interrelated to money, as inflation incentivizes higher time preference and more thinking about immediate needs in the world.

For example, if you live in Lebanon right now and your currency is hyper-inflating, you would be wise to immediately buy literally anything to help reduce the pain you'd feel from holding that currency.