"It's my industrial-strength hairdryer and I can't live without it!"
I think continually evaluating what we need, the things that we truly can't 'live' without is important. Those things that each of us need is going to be different for everyone. Just as there's no one-size-fits all house, there's no magic number for the things people need to live comfortably. And that's the key word, comfortably. We could all do with a lot less is we sacrificed comfort. I'm looking for the comfortable balance between sacrifice and excess. Everyone has to decide for themselves those answers.
Laura LaVoie attempted to answer this question in her article "Top 5 Things We Couldn't Live Without."
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