The life lanyard is worn around your neck and has the minimal things you are probably going to need or those few things that when you need them, you really need them. When you get to where you’re going and take your pack off you can slip the lanyard over your head (you’ll always have a head) and you still have the essentials on your body.
550 cord or para-cord makes a great lanyard. You could also use a dog-tag chain, that might make more noise than you want, it’s shiny and it isn’t as multi-purpose as para-cord.
The items should be durable, functional, have a loop on it for fastening to the lanyard and be small enough that you’ll actually wear around your neck. These are all miniature versions of things that are also in your BOB. This is a great way to work in redundancy around the most important things you should have with you. For example you should have at least 3 ways of starting a fire. Why not pick one of those ways for starting a fire and put it on your lanyard.
These are the most important things you need on your lanyard.
Fire
The magnesium fire starter on the lanyard I have in the picture isn’t the most practical solution for fire. I should look for some sort of lighter that could attach. I could also carry matches in one of those old-school metal match holders.
Light
The flashlight pictured has helped me stumble around a camp-site after the sun goes down. Those small LED lights last forever and are obnoxiously light.
Whistle
Sometimes you actually want to be found. Sometimes you want to get attention. The whistle could also serve to frighten predators, or at least give you something to focus on while being eaten.
Compass
If for some reason your main compass breaks or you get removed from your gear you’ll be glad you have a backup. The compass I have on my lanyard is built into the whistle.
Knife
I have a mini multi-tool on my lanyard. This pick is questionable because you ideally you have a multi-tool on your belt.
