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Renounciation of wordly life and possessions supposely lets focus the mind on the things that are more important for the Buddhist pratitioner. The less things or concerns about these things one has, the more time is available for other tasks. However, giving up material possessions is not a requirement for a buddhist practice. This is a requirement for monks only. The Pattimokha, or the Code for Buddhist monks list 227 rules, and there are even more. However the main purpose of these rules is to maintain harmony in the monks community rather than to serve as a guarantee of spiritual attainments.

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Q: What Buddhist concept discusses giving up material possessions?
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