1. For the Conductor, by the sons of Korach, a psalm.
2. Hear this, all you peoples; listen, all you inhabitants of the world;
3. sons of common folk and sons of nobility, rich and poor alike.
4. My mouth speaks wisdom, and the thoughts of my heart are understanding.
5. I incline my ear to the parable; I will unravel my riddle upon the harp.

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.

6. Why am I afraid in times of trouble? [Because] the sins I trod upon surround me.
7. There are those who rely on their wealth, who boast of their great riches.
8. Yet a man cannot redeem his brother, nor pay his ransom to God.
9. The redemption of their soul is too costly, and forever unattainable.
10. Can one live forever, never to see the grave?
11. Though he sees that wise men die, that the fool and the senseless both perish, leaving their wealth to others-
12. [nevertheless,] in their inner thoughts their houses will last forever, their dwellings for generation after generation; they have proclaimed their names throughout the lands.
13. But man will not repose in glory; he is likened to the silenced animals.
14. This is their way-their folly remains with them, and their descendants approve of their talk, Selah.
15. Like sheep, they are destined for the grave; death shall be their shepherd, and the upright will dominate them at morning; their form will rot in the grave, away from its abode.
16. But God will redeem my soul from the hands of the grave, for He will take me, Selah.
17. Do not fear when a man grows rich, when the glory of his house is increased;
18. for when he dies he will take nothing, his glory will not descend after him.
19. For he [alone] praises himself in his lifetime; but [all] will praise you if you better yourself.
20. He will come to the generation of his forefathers; they shall not see light for all eternity.
21. Man [can live] in glory but does not understand; he is likened to the silenced animals.