✅ Living and livelihood both refer to the way you earn money to support yourself (It’s an honest living; My livelihood depends on it).
✅ Livelihood is a bit more formal, but it’s used in all the same contexts as living.
✅ While they mean just about the same thing, these nouns may have different implications within certain phrases. For example, living is often used in the phrase make a living, which means to make enough money to live on. However, to make a livelihood out of something means to make a business or career out of it.
Try using livelihood in a paragraph describing your career goals.