What does Psalm 49:8 mean?

Under the Mosaic law a person could rescue a poor relative from indentured service by paying his debts (Leviticus 25:23–28). This "ransom" was meant to pay their debts and set them free. Earthly money can solve some earthly problems. But it cannot prevent a person from dying, eventually (Hebrews 9:27). Nor could any amount of money cover a man's sins against God (Psalm 49:7). When it seems unfair that a wicked person can be successful (Psalm 49:5–6; 73:2–3) we should remember that wealth has no value in eternity (Psalm 73:15–20). Ignoring God to seek money will not save one's life, but it will damn one's soul (Psalm 49:9).

In various ways, writers and speakers have noted that a person might sacrifice health to gain wealth, but when their health fails, they'll spend all their wealth seeking to be healthy. Death is no respecter of persons, and Hebrews 9:27 makes it clear that every person has an appointment with death. Money cannot cancel this appointment. Jesus told a story about a rich man who lived in the lap of luxury. He wore expensive clothes and ate fine foods every day (Luke 16:19). However, his extravagant lifestyle ended when he died, and his wealth stayed behind. His body was buried and his soul went into torment because he did not honor God (Luke 16:20–31).

All who die without knowing Jesus as Savior will perish eternally (John 3:16–18, 36), whether they were wealthy or poor. Giving up the health and life of one's soul is even more foolish than sacrificing physical well-being to be rich.