“But they that will be rich fall into temptation and a snare, and into many foolish and hurtful lusts, which drown men in destruction and perdition. 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.”
Paul's language is specifically about the ones who 'will be rich' — organized around the pursuit of sudden wealth. The phrase 'pierced themselves through' is a Greek medical term for a wound inflicted through the body. The damage is described as self-inflicted.