In addition to all of the great answers, there is a concept called lazy loading:
Lazy loading is a design pattern commonly used in computer programming to defer initialization of an object until the point at which it is needed.
Using it properly, you can reduce the loading time of your application. And Kotlin way of it's implementation is by lazy()
which loads the needed value to your variable whenever it's needed.
But lateinit is used when you are sure a variable won't be null or empty and will be initialized before you use it -e.g. in onResume()
method for android- and so you don't want to declare it as a nullable type.