a. A (usually northern California) new-age concept/farce invented by people who don't have to actually work to provide housing or sustenance for themselves.
b. A position (never a "job") held by the non-working class, the privileged in society who get to pass time however they please themselves to. Practitioners can usually be found painting, writing, or doing yoga; and often seen posing as a philanthropist, spiritual leader, or shaman.
"I just got my inheritance, and suddenly found my calling / life purpose!! I gonna drop out, keep no schedules and express Who I Really Am (and Why I Am Here) through right livelihood!"