Psalms 49:18

Though while he lived he blessed his soul: and men will praise thee, when thou doest well to thyself.

To bless one's own soul while he lives means to live and plan for self and to do well for himself. Doing well for oneself is gratifying one's own desires and planning for one's own comfort. It includes regarding oneself as favored above other men and taking credit to oneself for wise management.

When a person prospers in that self-serving way, other people will praise him for prospering himself and serving his own interests. His fellow townsmen honor him as a prosperous citizen and as a man of apparent good judgment and success. He is praised as wise and successful because he has planned for his own comfort.

That praise reflects only his success in serving his own interests and seeking personal comfort, not the lasting value of his life or God's approval. Though he is honored for apparent good judgment and success, such a self-centered life is foolish before God. His aims ignore God and others.

The verse therefore warns against spending wealth to gratify pride or to win admiration through luxury and display. Human praise for wealth, luxury, or display is mere worldly applause, not the honor that comes from God.