This Psalm seems to be a blessing that was pronounced on God's people as part of the temple or synagogue services. It promises good results in all of life for those who fear the Lord and obey him (1). The blessings pronounced here are mostly earthly in nature, such as being materially prosperous (2), having children (3), and living to see our grandchildren (6). We know that we have deeper spiritual blessings in Christ, especially the forgiveness of our sins, and that not everyone may receive these specific earthly blessings. However, it is also true that God created life on earth to be fruitful and blessed as well. These blessings can be accepted thankfully as signs of God's favor.
Our spiritual labor in the Lord is also guaranteed to produce good fruit (1Co 15:58). Today is a good day to say to our brother or sister, "God will surely bless you for your life of faith!"
Application: Heavenly Father, thank you for your good desire to bless your people. Help me to live as seeking your reward. I want to see your kingdom prosper in my lifetime.
One Word: Your labor will be blessed.