What is meant by a dollar today is worth more than a dollar tomorrow?

The phrase "a dollar today is worth more than a dollar tomorrow" refers to the concept of the time value of money, which asserts that a dollar in hand now has more value than the same dollar in the future. This is due to factors like inflation, the potential for investment returns, and the uncertainty of future cash flows. Essentially, having money today allows for immediate purchasing power and the opportunity to invest or earn interest, making it more valuable than waiting to receive that same amount later.