It means that things we already have are more valuable than what we hope to get.
Example:
Azmi: Why did you turn down that job offer when you don’t have anything concrete in hand at the moment?
Shah: Well, I’m confident I’ll land one of the two jobs I interviewed for last week. And they’re better than this one.
Azmi: In my opinion, you should’ve taken it. A bird in hand is worth two in the bush.
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