It's the roof over your head, clothes on your back, food, etc. You know, the basics of life.
The goal of a MVL is to have all of that for the minimal amount of continual input. E.g., income/time from your job.
Work is something that has to be done. But how much and when, can be tweaked by finding your MVL. What are your true bare necessities? If you cut work in half, could you still survive? Thrive?
How many working hours does it take to meet your basic needs? What can you do to adjust down?
It could lead to a life that is filled more with experiences than things. More time to explore avenues that don't have clear routes.
If one lived very simply (think rural, tiny house, own land), after initial costs can be very enticing.
A minimum viable life that costs $1k/m to maintain could be covered by a part-time job. 12ish hours a week @ $20/hr.
That would free up time to do other things. Jump at opportunities, make headway in hobbies, grow businesses and have adventures.
It opens yourself up to do more creative work, take bigger risks, work on small bets that might not lead to anything. Or open the doors wide open.
The less you have to worry about the bare minimum, the more you can focus on the better things in life. Friends, family, pursuing things that take more time than finances.
What is your Minimum Viable Life?