The Watchtower is very guilty of twisting and adding to the scriptures over and over again... Doesn't the Bible say that if a person adds to it, they are acursed?? Therefore, the Bible condems the sort of liberties that the WTBTS is taking with scripture.
Encouraging people to give up their belongings in order to do their definition of "the will of god" is adding to the very scriptures they cite. They're taking passages out of context to support their ideas...Ideas that are NOT in any way, shape, or form the message of the Bible itself.
It's not a wise idea to "do without" or to completely "simplify your life" to the point where all you have are shoes on your feet to walk from door to door. No, it's idiotic! It's falling to the delusion that this world IS "passing away".
Think of the term "passing away" for a minute. When you say someone is passing away, inevitably they will be done living within a few days, maybe even hours. If you want to get technical and include the drawn-out process of declining health during a terminal illness, we'll say POSSIBLY months. But eventually, they die, and it's within an expected period of time.
Considering this passage was forged thousands of years ago, I think it's safe to say this world is alive and well, and it's not passing anywhere. If anything, it's IMPROVED since that time.