Living below our means

Young people (and old people) need to learn to live BELOW their means. We certainly need to live within our means, but what if our means get reduced? What then? Even if we have a Cadillac income, we need to have a Chevrolet lifestyle. That way, if our income is reduced to a Chevrolet level, we are all right - and not stuck with all those build-in payments for Cadillacs that we now cannot afford and cannot easily get rid of.