Is Material Riches Good or Bad?

But they that will be rich fall into temptation and a snare, and into many foolish and hurtful lusts, which drown men in destruction and perdition. (1 Timothy 6:9, KJV)

Material riches are regarded by the Scriptures as neither good nor bad in themselves, but only according as they are properly or improperly used.

Material riches is transitory (Proverbs 27:24);  they are not be trusted in (Mark 10:23; Luke 18:24: 1 Timothy 6:17); they are not to be glorified (Jeremiah 9:23); the heart is not to be set on them (Psalm 62:10); but they are made by God (Psalm 104:24), and come from God (1 Chronicles 29:12); and they are the crown of the wise (Proverbs 14:24).

1 Timothy 6:9 refer to persons who are determined to get riches - not they that are rich for some rich men are good men and do much good with their riches but such that would be rich - those who make this their object and aim in life; who live to get money; who get all they can, save all they can, and keep all they get.

It is in consequence of the temptation of the devil that they have determined to be rich. This temptation once received, others quickly succeed; and when they have swallowed down the temptation to the thing, then they drink in a thousand temptations to the means.  All of these leads them into unforeseen and concealed trap.

This trap is called "foolish and hurtful lusts," - desires such as the love of wealth (1 Timothy 6:10) - that is harmful and would cause one to sink.  The idea of "drowning" is an image of a shipwreck, where the ship and all that is in it go down together.  The destruction is complete:  total ruin of happiness, of virtue, of reputation, and of the soul.