Question: Why is it important to financial budget? Explain what is meant by the term time value of money. For example, why might it be better

Why is it important to financial budget? Explain what is meant by the term "time value of money". For example, why might it be better to receive$8today, over receiving a promise of$9seven years from now? How should one consider the time value of money when planning for retirement? Please share examples within your resnonse

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