My personal paraphrase of this comforting psalm, at this point in my life:
Don't waste thought time on people out there who are behaving badly.
And certainly don't envy their lives!
They will go away as quickly as they came,
just outlast them.
Simply trust God each day and do good to others.
Live where God has put you, and flourish there as you trust Him.
When you find delight in God, He will give you Himself.
Commit yourself to Him above all others,
and trust Him,
And He will take care of your future.
You will be clearly vindicated at the judgment --
But leave that to Him.