It has been said that the word “blessed,” in our English Bible, simply means happy. Thus the “blessed man” of Psalm 1 is a happy man and the “blessed God” of I Tim. 1:11 is a happy God. (We refer to the Hebrew and Greek words most often rendered blessed).
To say the least, this is a superficial understanding — or misunderstanding — of one of the most wonderful words of Scripture. A fool can be happy, a drunkard can be happy, a wicked man can be happy, but none of these are truly blessed, for one who is blessed has a deeply valid reason to rejoice.
Thus Psa. 1:1,2 says that the man who shuns “the counsel of the ungodly ,” “the way of sinners” and “the seat of the scornful” and meditates and delights in the law of God, is “blessed.” He is well off and has great reason to rejoice.
Few, of course, would dare to claim that they have fully lived up to this passage in the Psalms, but God’s Word has good news even for such. In Romans 4:6-8, St. Paul declares:
“David also describeth the blessedness of the man unto whom God imputeth righteousness without works, saying, Blessed are they whose iniquities are forgiven, and whose sins are covered. Blessed is the man to whom the Lord will not impute sin.”
This blessedness is not a mere feeling of happiness. It is rather the state of being well off; with a deep and abiding reason to rejoice.
Thus Psalm 40:4 says: “Blessed is that man who maketh the Lord his trust,” and when the Galatians stopped trusting completely in the Lord and began leaning on their own works, the Apostle asked them: “Where is then the blessedness ye spake of?” (Gal. 4:15).
Thus to be truly blessed is to be well off; with the greatest possible reason to rejoice. This is why the believer in Christ, saved and eternally safe in Him, is, like God Himself, “blessed for evermore.” source