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In this video, Hope and Larry from Under the Median discuss the concept of living below your means, explaining its true meaning and misconceptions. Living below your means involves consciously spending less than you earn, ensuring that you have money left over after covering all expenses. This lifestyle choice significantly reduces financial stress, allowing for greater relaxation and peace of mind. The video will provide actionable steps for adopting this approach, along with real-life examples to illustrate the benefits of frugality. Overall, the emphasis is on making intentional financial decisions for better well-being.