What is avarice? It is an over-concern with the material things in life stemming from over-attachment to wealth and honor, and it belongs to passion-lust. Avarice functions as the basis for not letting up in one's concern for the material things of life.
Avarice is the state of mind which, by being overly attached to wealth and honor, holds the material things of life to be all that count and is unable to give them up.-Abhidharmasamuccaya
In this life and the next life, it brings about much unpleasantness. The Chandrapradipasutra states,
If fools are attached to this bodyAs the sgo mth 'yas pa sgrub pa'i gzungs says,
Which is rotting away, or to life
Which is shaky and has no power of its own
And therefore resembles more a dream or apparition,
They do many inappropriate things
And come under the power of evil.
They are carried out on the carriage of the Lord of Death
And wander about in hell.
Sentient beings who get into a fightAnd there are many more such statements.
Hold to the basis of their quarrel.
Should they have overcome whatever attachment to the cause they have and
Get rid of their attachment, they would become powerful.