I think the overarching principle about material possessions believers need to remember is that God is the owner of all things. That truth basically comes from the book of Genesis chapters 1 and 2 where God is the Creator. He’s the owner because He’s the Creator of all things. Likewise, It is beautifully expressed in Psalms 24:1 – “The earth is the Lord and the fullness thereof, and all who dwell in it” (cf.Psalms 50:12 Psalms 89:11). The second major truth of the Old Testament perspective on wealth is that man is not an owner, but man is a responsible steward, and he’s responsible for what God gives him to help his covenant brother; to help the poor; and to help the oppressed. We shouldn’t forget that God is the One that gives us all that we have (cf. Deut. 8:11-20), we shouldn’t think that it is our own resources, but we ought to channel these resources to the marginalized in our society (cf. Job 31:16-33; Isaiah 58:10).
In the New Testament, Jesus teaches that wealth forms a unique temptation for man to trust in himself and his resources, instead of trusting and depending on God and His provision (cf. Matt. 6:24). Sometimes wealth gives us a false sense of security. It pulls our heart away from the Lord. “It’s easier for a camel to go through the eye of the needle, than for a rich man to enter the kingdom of heaven” (i.e. Matt. 19:24). The Jews were shocked because they thought wealth is the sign of God’s blessings, and Jesus said, no it’s exactly the opposite of that. God will provide our physical needs. Don’t be anxious, God that clothes the flowers and feeds the birds will provide your needs. He knows you need these things. “Seek first His kingdom, and His righteousness and all these things shall be added unto you.” (i.e. Matt. 6:33).