1. A psalm by Asaph. Truly God is good to Israel, to the pure of heart.
2. But as for me, my feet nearly strayed; in an instant my steps would have been swept aside.
3. For I envied the revelers when I saw the tranquility of the wicked.
4. For there are no bonds1 to their death, and their health is sound.
5. They have no part in the toil of men, nor are they afflicted like other mortals;

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. therefore they wear pride as a necklace; their bodies are enwrapped in violence.
7. Their eyes bulge from fat; they surpassed the fantasies of their heart.
8. They consume [others], and talk wickedly of oppression-from on high do they speak.
9. They set their mouths against Heaven, while their tongues walk upon the earth.
10. Therefore His people return here,2 and suck the full [cup of bitter] waters.
11. And they say, "How can it be that God knows? Is there knowledge in the Most High?”
12. Behold these are the wicked, and they are ever tranquil, they have gained much wealth.
13. Surely in vain have I purified my heart, and washed my hands in cleanliness;
14. for I was afflicted all day, and my rebuke came each morning.
15. Were I to say, "I shall tell it like it is," behold I would turn the generation of Your children to rebels.
16. And when I pondered to understand this, it was unjust in my eyes;
17. until I came to the sanctuaries of God, and perceived their end.
18. Only on slippery places do You set them, You cast them into darkness.
19. How they have become desolate in an instant! They came to an end, they were consumed by terrors,
20. like a dream upon awakening. O my Lord, disgrace their image in the city.
21. When my heart was in ferment, and my mind was sharpened,
22. I was a boor and did not understand, like an animal was I with You.
23. Yet I was always with You; You held my right hand.
24. Guide me with Your counsel, and afterward, receive me with honor.
25. Whom do I have in heaven [besides You]? And when I am with You I desire nothing on earth.
26. My flesh and my heart yearn; God is the rock of my heart and my portion forever.
27. For behold, all those who are far from You perish, You cut down all who stray from You.
28. But as for me, the nearness of God is my good; I have put my trust in my Lord, God, that I may recount all Your works.