This is the First Noble Truth of the Buddha’s teaching, and far from being a vague philosophical speculation, it is something that each of us experiences first hand for him-or-herself in daily life. While true and permanent freedom (Nibbana) comes about as a result of the insight gained through Vipassana meditation, we can eliminate a great deal of unnecessary suffering in the meantime by applying the principle of renunciation.
It is none of those things. Genuine renunciation, as the Buddha teaches it, is akin to throwing open the windows of the mind to morning sunshine and crisp, cool air. Renunciation is “cleaning house,” getting rid of trash and useless clutter, both figurative and literal. It is recognizing that when we become attached to things, we do not own them, instead they own us. It is putting things in proper perspective, simplifying our lives, and being satisfied with 'enough.'”
Petr Karel Ontl
"Of Mindsets and Moneypots"