1. Fortunate is the man that has not walked in the counsel of the wicked, nor stood in the path of sinners, nor sat in the company of scoffers.
2. Rather, his desire is in the Torah of the Lord, and in His Torah he meditates day and night.
3. He shall be like a tree planted by streams of water, that yields its fruit in its season, and whose leaf does not wither; and all that he does shall prosper.
4. Not so the wicked; rather, they are like the chaff that the wind drives away.
5. Therefore the wicked will not endure in judgement, nor sinners in the assembly of the righteous.

Tehillim Ohel Yoseph Yitzchok (Kehot Publication Society)

Tehillim is recited by Jewish people collectively and individually, as the desire occurs to offer praise and thanksgiving to G-d; or alternitavely, in times of crisis and need, as a form of supplication, and even as a venue to express regret for sin.

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6. For the Lord minds the way of the righteous, but the way of the wicked will perish.