Live and prosper having nothing set aside (5)
I believe the answer is:
dwell
'live' is the definition.
(to live/dwell somewhere)
I don't understand the remainder of the clue.
Can you help me to learn more?
(Other definitions for dwell that I've seen before include "Abide, reside" , "Settle" , "Focus attention (on)" , "Exist (within)" , "Remain" .)