Allāh mentions in the Qurʾān, يَٰٓأَيُّهَا ٱلَّذِينَ ءَامَنُو | Ramadan Reruns by Ustadha Sumayyah

Allāh mentions in the Qurʾān,

يَٰٓأَيُّهَا ٱلَّذِينَ ءَامَنُوا۟ لَا تُلْهِكُمْ أَمْوَٰلُكُمْ وَلَآ أَوْلَٰدُكُمْ عَن ذِكْرِ ٱللَّهِ ۚ وَمَن يَفْعَلْ ذَٰلِكَ فَأُو۟لَٰٓئِكَ هُمُ ٱلْخَٰسِرُونَ

“O you who have believed, let not your wealth and your children divert you from remembrance of Allāh ﷻ. And whoever does that - then those (who do that) are the losers.”
[Qur'ān, Sūrah Munāfiqūn (63), verse 9]

There are two major objects in this world that divert a person from the remembrance of Allāh:
1) Wealth
2) Children

Therefore, these two things have been named in particular. Otherwise, it refers to all the means of enjoyments in the world. The importance of the verse is that love of wealth and children to some extent is not bad. Being engaged with them to a certain degree is not only permissible but also obligatory. But there is a dividing line between permissible and impermissible love that must always be borne in mind.

The criterion is that this love must not deviate one from Allāh's remembrance. The word dhikr (remembrance) in this context has been variously interpreted by different commentators. Some say it refers to the five daily prayers (Ṣalāh), while others say it refers to Zakāh or Ḥajj. Some refer it to the Qur’ān. Ḥasan al-Baṣrī رحمه الله expresses the view that the word dhikr here refers to all forms of obedience and worship. This is the most comprehensive interpretation. [Qurṭubī]

In short, we are permitted to be involved in material wealth up to the degree that it does not divert us from Allāh ﷻ’s obedience. If one becomes engrossed in the material wealth or becomes absorbed in the forbidden or abominable things, which divert him from his duties and obligations towards Allāh the sentence “فَأُولَٰئِكَ هُمُ الْخَاسِرُونَ” ... “they are the losers” will apply, because he has sold the great and eternal reward of the Hereafter for the petty and perishable enjoyment of this world. What loss could be greater than this!

[Ma'āriful Qur'ān, Volume 8, Page 474-475]