I think the topic of conversation might be austerity, when one has few material posessions except those necessary and doesn't want to be gaudy.
That confused me a little first. I'm familiar with minimalism and with austerity, but they're not the same. Minimalism being an art/design movement and austerity more of a way of life. Many religions and religious sects (such as Islam and the Puritans) suggest this kind of living because it simplifies your life and, as Scumbag suggested, prevents you from identifying with your stuff, thus feeding hte ego.
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