(The Great Sage, Narada Muni)
"When a man is infatuated with the false prestige of opulence, he does not care for any moral instruction but indulges in wine, women and animal killing. In such circumstances, a poverty-stricken man is often better situated because a poor man thinks of himself in relation to other bodies. A poor man often does not wish to inflict injuries to other bodies because he can understand more readily that when he himself is injured he feels pain. As such, the great sage Nārada considered that because the demigods Nalakūvara and Maṇigrīva were so infatuated by false prestige, they should be put into a condition of life devoid of opulence.
A person who has a pinprick in his body does not wish others to be pricked by pins; a considerate man in the life of poverty does not wish others to be also put into that condition. Generally it is seen that one who has risen from a poverty-stricken life and becomes wealthy creates some charitable institution at the end of his life so that other poverty-stricken men might be benefited. In short, a compassionate poor man may consider others' pains and pleasures with empathy. A poor man may be seldom puffed with false pride, and he may be freed from all kinds of infatuation. He may remain satisfied by whatever he gets for his maintenance by the grace of the Lord.
To remain in the poverty-stricken condition is a kind of austerity. According to Vedic culture, therefore, the brāhmaṇas, as a matter of routine, keep themselves in a poverty-stricken condition to save themselves from the false prestige of material opulence. False prestige due to advancement of material prosperity is a great impediment for spiritual emancipation. A poverty-stricken man cannot become unnaturally fat by eating more and more. And on account of not being able to eat more than he requires, his senses are not very turbulent. When the senses are not very turbulent, he cannot become violent.
Another advantage of poverty is that a saintly person can easily enter a poor man's house, and thus the poor man can take advantage of the saintly person's association. A very opulent man does not allow anyone to enter his house; therefore, the saintly person cannot enter. According to the Vedic system, a saintly person takes the position of a mendicant so that on the plea of begging something from the householder, he can enter any house. The householder, who has usually forgotten everything about spiritual advancement because he is busy maintaining family affairs, can be benefited by the association of a saintly person. There is a great chance for the poor man to become liberated through association with a saint. Of what use are persons who are puffed up with material opulence and prestige if they are bereft of the association of saintly persons and devotees of the Supreme Personality of Godhead?"
(Kṛṣṇa Book 10, Deliverance of Nalakūvara and Maṇigrīva)