Even though this psalm was written so long ago, we come to realize that this is a reality in our present time: right at this very moment, the things of this world are attracting people more and more, which at the same time drives them further away from God and His precepts. People are still seeking to glorify themselves with the “apparent” glory the world offers, in money (prosperity), fame and sex. They spend so much effort to have it, compromising all along the way, and once they have it, it immediately begins to fade away not being able to satisfy them like they hoped it would!

“They trust in their wealth (v. 6); they depend upon it as their portion and happiness, and expect that it will secure them from all evil and supply them with all good, and that they need nothing else, no, not God himself. Their gold is their hope (Job.31:24), and so it becomes their God. Thus our Saviour explains the difficulty of the salvation of rich people (Mk.10:24): How hard is it for those that trust in riches to enter into the kingdom of God!  Matthew Henry

The Psalmist gives us a great advice in the final verses:

 “Be not afraid when [an ungodly] man becomes rich, When the wealth and glory of his house are increased; ¹⁷ For when he dies he will carry nothing away; His glory will not descend after him.¹⁸ Though while he lives he counts himself happy and prosperous—
And though people praise you when you do well for yourself—¹⁹ He shall go to the generation of his fathers; They shall never again see the light. ²⁰ A man [who is held] in honor, Yet who lacks [spiritual] understanding and a teachable heart, is like the beasts that perish.” Psalm 49:16-20

It is so sad that so many people are falling in Satan’s disillusion, trying to “BE” whatever makes them feel important or unique. They will seek for approval and popularity among their friends and the world around them, even if this means to defy God’s Word:

²² Claiming to be wise, they became fools, ²³ and exchanged the glory and majesty and excellence of the immortal God for ^[f]an image [worthless idols] in the shape of mortal man and birds and four-footed animals and reptiles…. ²⁸ And since they did not see fit to acknowledge God or consider Him worth knowing [as their Creator], God gave them over to a depraved mind, to do things which are improper and repulsive…” (Romans 1:22, 28 AMP)

It is so sad that they have “exchanged the glory and majesty and excellence of the immortal God for…” their own rebellious ways, putting at stake the salvation of their souls!

But for those of us who seek to live a life that is according to His Word and for His Glory, He will not forsake us nor abandon us like Jesus says: