The objective is not the renunciation of material itself. It is the acceptance of The Holy Spirit (Kingdom of Heaven).
It's so "large" as to push out the need for personal possessions.
Some are successful using deliberate poverty to highlight their dependence on God, but to see it as a prerequisite puts the cart before the horse.
This came up on halfCh last night, but this line of thought centers your gaze on worldly things. It's counterproductive and discouraging, until you're ready to ask "what MORE can I do, for the glory of God?"