The idea of living above or below your means tends to be one of the most heavily-debated topics in the world of not just economics but also (or especially) politics. Should you live below your means and save for rainy days so as to be more financially secure? Or should you live your life and help our consumerist economy by living above your means? Most definitely a tricky discussion, especially once we start analyzing the potential implications and consequences. As controversial as the subject may seem, all parties seem somewhat content when times are good. However, when things get rough, what happens when those who lived above their means end up on the brink of insolvency and ask for help? Can it be done without somehow punishing those who lived below their means, either directly through taxation or indirectly through mechanisms such as inflation? As can be seen, there is more to living above or below your means than meets the eye, especially in today's hyper-interconnected world. Through examples and an unbiased perspective on the political implications as well as consequences of living above/below your means, I did my best to cover this topic in a manner that doesn't revolve around emotion-driven controversy.