Review the first 9 verses before going on to today's verse.
10 But the one who is rich should take pride in his low position, because he will pass away like a wild flower. (NIV)
10 and the rich in his humiliation, because like a flower of the grass he will pass away. (ESV)
From my MacArthur Commentary....
This refers to the rich believer's being brought low by trials. Such experiences help him rejoice and realize that genuine happiness and contentment depend on the true riches of God's grace, not earthly wealth.
Don't forget, as we're memorizing, to meditate on the truth contained within the words. Repeat, repeat, repeat!
LeRoy Eims on the importance of Scripture memory: "I think two of the master strokes of the devil have been to convince people he doesn't exist, and that Scripture memory is only for children. He remembers the humility of defeat when Jesus Christ, who was tempted in all points like as we are, met him with the Word of God." (What Every Christian Should Know About Growing; p. 26-27)