In developing renunciation, we should first recognise that as ordinary beings we have all kinds of thoughts, and all kinds of aspirations. Some people in this life want to achieve wealth, some want to achieve status, others want to achieve fame. Having engaged in the preliminary practices, the resultant renunciation is arriving at a point where we feel that it is fine if we become rich, but it is no big deal if we do not, and so it is for all our other worldly pursuits, whether they be status or fame and so on. Our new priority becomes entering onto the path of liberation and transcending the suffering of cyclic existence. It is this resolve to transcend cyclic existence and enter into the path of liberation that is renunciation. When we have cultivated this renunciation, we have truly begun our journey along the path of liberation.
Depicted from "Buddhism in the 21st Century - Part 49" June, Sydney, Australia