What does Proverbs 1:19 mean?

Those who have read the myth of King Midas will recognize the point of this proverb. King Midas wished for nothing more than gold. His greed was immense, even though he already had everything he could want. By chance, he was given the ability to have one wish granted; he wished that everything he touched would turn into gold. This scheme quickly turned into a curse when his clothes, food, and drink all became cold, hard metal. Even his daughter turned into a gold statue. Midas suffered greatly for his selfish wish, and ruined his royal life. Midas' greed was for unjust gain. He wanted what he did not deserve, did not earn, and didn't really need. He made a stupid, thoughtless choice based on insatiable greed. This act would eventually take away his "life," just as Solomon tells us here.

Those who try to get ahead through sin and evil will find that they've lost everything. This includes what they thought they were gaining, and everything they had beforehand (Mark 8:36–38).