What does it mean that one’s life does not consist in the abundance of his possessions? (Luke 12:15)

In Luke 12:15 Jesus says: “Take care, and be on your guard against all covetousness, for one’s life does not consist in the abundance of his possessions.”

The context of this scripture was that Jesus was teaching His followers to beware of materialism, greed and covetousness (Luke 12:13-21).
After Luke 12:15 Jesus told the people the Parable of the Rich Fool, from which one of the lessons of the parable was that people should not attempt to find satisfaction and self-actualization in material wealth or material possessions. Materialism does not give us security.
Our life on this earth is temporary and when we die, we will leave behind all the material possessions that we accumulated.
Covetousness, greed and materialism can deceive us and separate us from God and cause us to rebel against Him.
Materialism gives us a false perception about ourselves and others – especially when we judge our value and worth based on the material possessions that we’ve accumulated.
Therefore Jesus emphasized that life has a deeper purpose and meaning than the accumulation of material possessions. Whether rich or poor, our sole purpose in life is to know God and be known by Him. We were created to have a relationship with our Creator and to glorify Him. We do not look to material possessions to make us feel valued or validated. Instead as people made in God’s image our true identity must be in Jesus Christ. It is Jesus Himself who must be our true treasure. It is Jesus Himself who must be more important than anything else in the world.

In Luke 12:33-34 Jesus says: Sell your possessions, and give to the needy. Provide yourselves with moneybags that do not grow old, with a treasure in the heavens that does not fail, where no thief approaches and no moth destroys. 34 For where your treasure is, there will your heart be also.

2 Corinthians 4:18 says: So we fix our eyes not on what is seen, but on what is unseen. For what is seen is temporary, but what is unseen is eternal.

Colossians 3:2 says: Set your minds on things above, not on earthly things.

The Bible warns us that covetousness, greed and the desire to accumulate possessions will never satisfy us. Greed and materialism can lead to bondage and harm on many levels of one’s life.
Ecclesiastes 5:10,13 says: Whoever loves money never has money enough; whoever loves wealth is never satisfied with his income. This too is meaningless… I have seen a grievous evil under the sun: wealth hoarded to the harm of its owner

The world may define people in accordance with their material possessions. The world may choose to classify your social status according to what you have or what you lack.
However God does not define us or value us in accordance with the accumulation of material things.
We came into this world with nothing, and therefore when we die, we do not carry any material wealth.

The Bible Teaches Contentment

The Bible consistently teaches us to be content. Contentment does not mean that you do not strive for growth or progress. Instead “godliness with contentment is great gain” (1 Timothy 6:6), because this type of contentment trusts in God as the true source of all our needs and wants, rather than falling into the sin of greed and covetousness.
Contentment is the state of being satisfied with what one has, rather than constantly desiring more. Contentment involves being intentionally thankful and focused on what you have, rather than what you lack.
Hebrews 13:5 says: Keep your lives free from the love of money and be content with what you have, because God has said, “Never will I leave you; never will I forsake you.”

1 Timothy 6:6-10 says: But godliness with contentment is great gain. 7 For we brought nothing into the world, and we can take nothing out of it. 8 But if we have food and clothing, we will be content with that. 9 People who want to get rich fall into temptation and a trap and into many foolish and harmful desires that plunge men into ruin and destruction. 10 For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.

In relation to having an attitude of contentment, Paul says the following in Philippians 4:11-13: “I am not saying this because I am in need, for I have learned to be content whatever the circumstances. 12 I know what it is to be in need, and I know what it is to have plenty. I have learned the secret of being content in any and every situation, whether well fed or hungry, whether living in plenty or in want. 13 I can do everything through Him who gives me strength.”

Conclusion
The primary goal in life is not the accumulation of material possessions. The primary goal of life is a genuine relationship with God through Jesus Christ as our personal Lord and Saviour.
We should not look towards material possessions to receive praise, recognition, validation or self-worth.
Instead we must look towards Jesus Christ and seek to please God.
Material possessions are temporary. Greed is idolatry. We must seek the eternal things of God and make Jesus Christ to be our true treasure.