Psalm 128 is a psalm to be sung as people go up to Jerusalem for the annual feasts and festivals. It gives insights into what people then thought were the covenant blessings of God upon their lives. They are: 1. People who fear the Lord, ones who deeply desire to obey God (vs 1). To have a relationship with God is always the first and most important blessing in life.
2. They enjoy the fruit of their labor (vs 2). As they work, there is the fruit of the land, enough food on the table.
3. Your wife will be fruitful in the home (vs 3). There will be several children sitting around the table. They will be healthy and vigorous.
4. You will live to see your grandchildren (vs 6).
5. Israel (or the nation you live in) will have peace (vs 6).
For the author, these were God's real blessings, "the Lord's reward for those who fear him" (vs 4).
A blessed person has a relationship with God, a good job, is able to supply for family, a great relationship with spouse and children, lives to see their grandchildren and they live in peace. From God's perspective, I think he would say to us, "It doesn't get any better than this."
We see what should really be important to us in life.