You seem to have missed one very valid option, the middle road, you don't have to trade free time now for free time later, there is in my opinion a happy middle

You seem to have missed one very valid option, the middle road, you don't have to trade free time now for free time later, there is in my opinion a happy middle ground to be had (like most thing life, politics being the primary one). Sure you could argue that you get more free time later if you give up free time now but then you enter into the difficulty of quantifying the quality of the free time. When you are young, active and healthy you might be able to enjoy your free time more or perhaps having more money later in life allows you to do things you enjoy more, either way I feel balance is the key.