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In this video, hosts Hope and Larry discuss the concept of living below your means, emphasizing that it involves having money remaining after covering expenses. They clarify that it is a conscious choice to spend less than one earns, ensuring outgoing expenses are less than incoming income. Living below your means leads to reduced stress and greater financial relaxation. The tutorial will provide practical steps for adopting this lifestyle and will include real-life examples. The video aims to define and clarify the concept, ensuring viewers understand the principles behind living below one’s means while promoting the benefits of frugality.