Like a lot of people have said, it depends almost entirely on a combination of your personality, where you are in life, and your ability to draw a distinction between the stuff you need and the stuff you want.
If you're able to part with the things most people insist on surrounded themselves with, you'll be golden (and, I suspect, life will be simpler).
I know a married couple who spent their honeymoon on a 24' (I believe it was a Bristol, I could be wrong), and liked it so much, they bought one and lived on it together for two years. They moved ashore after their second kid, but it was exactly right for them during that time in their life.
41' True North, 1980