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In this video, hosts Hope and Larry from "Under the Median" discuss the concept of living below your means. They clarify that it involves having money remaining after covering all expenses, meaning you consciously choose to spend less than you earn. This practice helps ensure that your outgoing expenses are lower than your income, ultimately leading to less stress and greater financial peace. The video aims to provide actionable steps to help viewers implement this lifestyle, supported by a real-life example. They emphasize the importance of starting from a shared understanding of what living below your means truly entails.