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In this video tutorial, hosts Hope and Larry explain the concept of "living below your means." They define it as consciously choosing to spend less than one earns, ensuring that expenses do not exceed income. This approach results in leftover money after expenses, leading to reduced stress and greater financial security. The video also promises practical steps and real-life examples to help viewers adopt this lifestyle. Overall, living below your means is presented as a beneficial practice for financial well-being and a more relaxed life.