look up any word, like the eiffel tower:
 
1.
Living a life that is without care or trouble; a state of being totally relaxed
1)

Me: Godamit! I have to work a 70hour week and start work at 3am for minimum wage just to pay all my bills

Friend: Yeah man, i know i hate work, i only get a months holiday each year!

Me: STFU! Your living life by the pool!

2)
Friend: So what you been up to today?
Me: Ah, not much, pulled a sickie so today ive been living life by the pool
by Alpha1defective July 12, 2010