Quoting Rabbi Avigdor Miller:
That’s what the gemara (Nedarim 81a) says: שלחו מתם, they sent a message from Eretz Yisroel, הזהרו בבני עניים, be careful with the children of the poor. When poor boys come to the Yeshiva, welcome them. Their fathers might not contribute much, but welcome them with open arms, שמהם תצא תורה, Torah comes from poor boys. Why from the poor boys? So the Ran says: שאין להם עסק אחר, they have nothing else to do but learn. The wealthy boys are busy with their cars, their fancy bikes, their new watches, – but the poor boy has none of this “baggage” on his mind. He has nothing to waste time with. So he sits in the yeshiva all day long. When I was a boy, my friends had bikes. But I didn’t; I didn’t have a bike. And so while my friends rode the streets, I stayed in the beis knesses and learned. And I’m none the worse for it! The one who has nothing else on his head, that’s the only one who will succeed at filling his mind with the thoughts of Hakodosh Boruch Hu.
Now, as much as we can, we have to follow the model of the בני עניים, the poor boys. As much as possible, even if you’re a wealthy man, the בני עניים are to be our model. It doesn’t mean you must be poor. Hakodosh Boruch may bless you with a great amount of money in your life. But nevertheless, in your house, and more importantly, in your mind, you should attempt to live like a poor man, with the least amount of superfluities. You should get along with the minimum amount of baggage of the mind as you can.
See the rest here.