In I Tim. 6: 9 Paul then warns those who are rich about the perils of having wealth by saying that rich people "...fall into temptations and a snare, and into many foolish and hurtful lusts, which drown men in destruction and perdition."

I think that what Paul is saying is that the more money you have, the more things you want.  You also have more free time on your hands.  And there are only two ways to use free time.  On yourself, or on others.  For some reason (?)  most people seem to spend their time and their money on themselves.  More of this, more of that.  More, more, more.  You will eventually drown in it.  The flip side of what Paul is describing concerning your money and concerning your time is: it is better if you give, give, give.  You can't take it with you when your time is up anyway.

Give yourself away while you are alive.  My husband has always said that if he has a nickel left in his pocket when he dies that he has badly miscalculated.  I'm not quite that generous.  But I'm working on it.  And I'm not suggesting that you give away your next meal.

I Tim. 6:10  "For the love of money is the root of all evil; which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows."

If you love  money and chase money for what it can buy, or spend your time on things that don't really count, Paul says that you put yourself in danger.  People seem to have a hard time saying "We have enough".  After you have enough, you end up trading time for money to buy stuff you don't really need.  And if you use it wisely, time is much more important than money.  Especially to your children.

"…the love of money is the root of all evil;"  We all know people who love money.  It consumes them.  Paul is telling us to be careful.   Don't drown.