The most masterful discussion on this topic is covered by the Savior on the Sermon on the Mount. He repeated these teachings to the Nephites:
’Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and thieves break through and steal;
But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal.
For where your treasure is, there will your heart be also….
No man can serve two masters; for either he will hate the one and love the other, or else he will hold to the one and despise the other. Ye cannot serve God and Mammon….
Therefore take no thought, saying, What shall we eat? or, What shall we drink? or, Wherewithal shall we be clothed?
For your heavenly Father knoweth that ye have need of all these things.
But seek ye first the kingdom of God and his righteousness, and all these things shall be added unto you. (3 Nephi 13:19-33)