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!"
The measure of a person's ability to escape from tricky situations, for example their speed in running from police after a theft. "Hoof" refers to the person's flight from danger.
Your mamma's so fat that her likelihoof is severely impeded.
You breaking into the Bellagio again? You'd better get to the gym and improve your likelihoof, dude.
Fletcher Reede would have to re-structure his budget and other financial affairs now that he no longer could maintain a lievelihood the way he had previously been doing.