For some reason everything seems to sound better in Italian. Vivi Bene, Ama Molto, Ridi Spesso = Live well, love much, laugh often. Great words to live by. I think the Italians have a better handle on living the expression than we Americans do as well.
Live well - Does not necessarily mean live like a King. You don't have to have a lot of money or things to have a good life. By living well, you are living as God intended you to, following His commands, serving Him, and pleasing Him. You can live a very simple life and still be living well.
Love much - We of course love our family and friends, but it's a lot harder to love those who we really don't like. But God tells us to love everyone as He does with no restrictions.
Laugh often - If we take things in life too seriously, we miss out on all the fun. I'd much rather laugh than frown. It makes you feel better, live longer, and generally be much happier. Laugh at the pets, kids, jokes, books, TV, funny things in life. Learn to laugh at yourself.