You don't need very much at all. Maybe a laptop computer and a couple changes of clothes. Pictures and videos of your life. That's about it.
That was a huge one for me too. For years I'd thought I needed at least $50k/yr, a nice car, fancy apartment, etc.
Then I spent a few years starting a business, and really learned what I do and don't need to spend money on. When food is an opportunity cost it changes your perspective. The first thing to go was trashbags - suddenly the idea of spending money on something going directly in the garbage seemed absurd.
So, I haven't had a car in 2 years, I love my apartment but its not huge, and I don't make a ton of money. But I'm happier than almost anyone I know, I can drop everything to go on an impromptu beach trip, and I wake up every day to a job that's exciting and fulfilling.
It sounds odd, but learning to live on almost no money made me calmer and happier.
for me it's the elimination of the fixed costs that is key. my half of the rent is relatively low, and I have a car, but it's paid off. If my income were to drop dramatically next month (as it will... I just handed out north of $10K in service credits because of a huge network problem.) I can pretty instantly drop to a lifestyle that can be supported by four days of contracting a month. When things are good, sure, I buy luxuries. hell, I'll have someone clean my apartment for me- people will work for almost an order of magnitude less than I will, so when I have the money, it makes lots of sense.
The thing I've found is that getting small amounts of money is almost trivially easy... if hiring yourself out for short periods of time for $80-$150/hr is pretty easy (as it seems to be for me) optimizing things that only cost a few dollars a month doesn't make that much sense.
I think this is key to the 'living light' lifestyle. optimize the things where you get a big reward for not very much sacrifice. To me, driving a $30,000 car is nice... but a $3,000 car probably gives me 95% of the value I would get out of the more expensive car, so I drive an old beater, and I don't worry about scratches and dents. But, say, clipping coupons makes little sense, as I'm probably earning min. wage on the time spent.
I will often do my own auto repair. The person cleaning my house? $10-$15/hr. the mechanic? $75-$95/hr. And I enjoy working on my car, while I don't enjoy cleaning the kitchen.
* Eliminating non-essential expenses. i.e. Stuff you want, but not need.
* Minimizing your foundation costs. Shelter, utilities (internet, phone, electricity, etc), transportation, medicine, food.
Eliminating the first is easy and can be done without sacrifice -- you don't need them. The second can be considerably harder as there's always a floor.
However I will say this, from experience. I've found many people to look very strangely at the first item. I'm not a minimalist, but I really don't own a lot of stuff. The general reaction I've gotten with dates has been initially positive (because the space itself, and what is there, is beautiful) but grew increasingly negative as a result of consumer culture. I've only found two gals who "got it".
That was a huge one for me too. For years I'd thought I needed at least $50k/yr, a nice car, fancy apartment, etc.
Then I spent a few years starting a business, and really learned what I do and don't need to spend money on. When food is an opportunity cost it changes your perspective. The first thing to go was trashbags - suddenly the idea of spending money on something going directly in the garbage seemed absurd.
So, I haven't had a car in 2 years, I love my apartment but its not huge, and I don't make a ton of money. But I'm happier than almost anyone I know, I can drop everything to go on an impromptu beach trip, and I wake up every day to a job that's exciting and fulfilling.
It sounds odd, but learning to live on almost no money made me calmer and happier.