Rasulullah (sallallahu alayhi wasallam) said:
"Love of the world is the root of all evil."
Abu Hurairah (radhiyallahu anhu) narrates that Rasulullah (sallallahu alayhi wasallam) cursed the slave of dinaars and dirhams (i.e the slave of wealth)."
Rasulullah (sallallahu alayhi wasallam) said:
"Verily, every Ummah had its trial. The trial of my Ummah is wealth."
When wealth is acquired unlawfully, spent recklessly and unlawfully, squandered in haraam and withheld from the Path of Allah and from the execution of duties and obligations, then such wealth is a calamity in both this world and the Aakhirah. When wealth is hoarded and not utilized constructively for securing one's place in Jannat, it is evidence of the love of the world which has overwhelmed the heart. Such wealth will become a serpent which will curl around the neck of the hoarder and squanderer.