What does Proverbs 22:1 mean?

Given the choice between a good reputation and a million dollars, many people would prefer the money. However, Solomon notes that it's better to be known for integrity and morality than to be wealthy and associated with sin (Proverbs 3:1–5; 19:1). Money cannot directly buy happiness, peace, security, or eternal life. It has many advantages, but those are all temporary. A good reputation built on faith in Christ (2 Peter 1:5–8, 11) is accompanied by joy, peace with God, security, and eternal life. The "favor" spoken of here is part of that positive image; a person known for goodness is much more likely to be helped and honored by those around them (Proverbs 10:7; 11:10).

The spiritual maturity which leads to a good reputation leads to trust and honor. Proverbs chapter 31 describes the woman whose reputation is blameless. An early verse says, "The heart of her husband trusts in her" (Proverbs 31:11) and later the passage declares, "Her children rise up and call her blessed; her husband also, and he praises her" (Proverbs 31:28). Money cannot buy the admiration and love of others, but a noble character that creates a good reputation can earn the admiration and love of many people.