I actually think the secret is being happy with the things you have. But really, there is a certain level where you just can't be happy if you don't have what's necessary. Like an absolute-low, you should not reach.
Other than that... I think happiness does not depend on the stuff you got. More like the way you react to it.
Awesome points, bud. There "is" a benchmark for absolute necessity for fulling your basic requirements. Living on that fine edge, on an every basis, sounds a little too extreme for my liking.