Lanyards are the things that hang around people's necks in the park with pins for pin trading on them. You don't NEED one, but they are a lot of fun. You can buy them in the parks with starter pin sets or get a blank one and pick out pins that speak to you. My lanyard has a plastic "sleeve" attached at the bottom which is the perfect size to hold my ticket and my fast passes. This way, the ticket never gets near a magnet (or my cell phone) and loses it magnetic abilities and I never have to search pockets or my purse for fast passes.
I recommend a lanyard and some pins for some Disney decoration. Plus, it is a conversation starter with CM's and kids all over.