I think you're spot on, Mike! My very brief personal experiene with how little you need to live (and be happy) comes from a decade ago when I did a bike tour with my buddy from Los Angeles to Seattle and camped along the way. I literally carried my house on my bike and my back. We still bought food in stores, but we'd grab a can of chili, heat it over an open fire, and eat it with a loaf of bread. I've rarely been so content.