Poor in spirit

In Matthew 5:3 (KJV), Jesus utters the famous words,

Blessed are the poor in spirit: for theirs is the kingdom of heaven.

But what does it mean to be "poor in spirit"? The more dynamically-translated NLT renders that verse (Matthew 5:3, NLT),

God blesses those who are poor and realize their need for him, for the Kingdom of Heaven is theirs.

So, the obvious emphasis is that our trust must be placed in God. Psalm 49:6-7 (NLT) clarifies this point further,

They trust in their wealth

and boast of great riches.

Yet they cannot redeem themselves from death

by paying a ransom to God.

Note that having wealth is not, in itself, a sin. Rather, the sin involves relying on that wealth above God, which is a form of idolatry. This point fits a theme that runs throughout the Bible: We stumble spiritually when we focus on the perishable. God's word never perishes, and that should be our main emphasis in life and prayer. When we acknowledge our inability to save ourselves through earthly means, and when we acknowledge our complete dependence upon God, then we are poor in spirit.