There is nothing wrong with having wealth. Money is not the enemy. Worldly success itself is not the adversary.
Whether you are wealthy or not, the real danger is what is often translated in this verse as “the love of money”. In other words, wealth is a problem if it becomes your master. If it serves The Gospel, wealth can be a positive resource. It is the posture of our hearts not the possession of our materials that is at fault when things go awry.
This is often used as an excuse for wealthy people to hoard their riches and swear it is not the master they serve. This is one of the challenges of material success. You have to constantly check which master you are serving.
One great way to measure this is to ask yourself what your money serves. What does it work to do? Some answers might be: to make more money or to help others or to make myself feel powerful or to worship God. Be honest, not about what you wish you use it for but how you actually use it. What is the reality?
The good news is that today is a new day. You have the ability to decide today whom you will serve. You can direct your wealth toward the riches of the Kingdom. There is no better master.