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Definition of Live on the edge
1. Verb. (idiomatic) To have an adventurous or perilous lifestyle; to behave in a manner which creates risks for oneself. ¹
2. Verb. (idiomatic) To be caught in an economic or societal situation which one did not choose, which threatens one's well-being or life, and which causes distress. ¹
¹ Source: wiktionary.com