It has been said that the word โblessed,โ in our English Bible, simply means happy. Thus the โblessed manโ of Psalm 1 is a happy man and the โblessed Godโ of I Tim. 1:11 is a happy God.
To say the least, this is a superficial understanding โ or misunderstanding โ 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 โthe counsel of the ungodly,โ โthe way of sinnersโ and โthe seat of the scornfulโ and meditates and delights in the law of God, is โblessed.โ 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 Godโs Word has good news even for such. In Romans 4:6-8, St. Paul declares:
โDavid 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.โ
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 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, โblessed for evermore.โ source