How to disable annoying 'live video' notifications on Instagram

Instagram rolled out “Live Video” to everyone and ever since, the number of people trying it out has been growing by the day. I keep getting those annoying notifications that one of my followers has started a live video and I should check it out. Well, here’s the problem, I don’t want to check out the live video.
For those who are like me and would want to disbale such notifications (and you haven’t figured it out yet), it is eaily done in these three steps:

Step 1: Go to your Instagram settings menu

Step 2: Scroll down to push notifications

Step 3: Scroll down to Live video and disable notifications