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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 doesn't imply deprivation; rather, it means having surplus funds after covering all expenses. This choice allows individuals to spend less than they earn, ensuring expenses are lower than income. The benefits of living below your means include reduced stress and increased financial security. The video promises to provide actionable steps and personal examples to help viewers implement this lifestyle change while emphasizing the importance of shared definitions for clarity.