Two things are mentioned to us in this proverb - and we are told to always keep these things in sight as we walk through life. The two things mentioned here are sound wisdom and discretion. Because these are such important things, it would be very wise for us to define both of them.
Sound wisdom is the Hebrew word, "tushiyah" and it means, the essence or substance of a thing. The place where we receive such foundational level wisdom is from God Himself. He is the ultimate essence of substance of all things. To know this and to think and reason from this is sound wisdom. When we embrace this world view of life - we embrace seeing all things from His perspective - and reason all things from the counsel of His Word. Here, dear saints is the very sustance and essence of wisdom. All other things are infinitely less than this and they are infinitely inferior to the wisdom and direction that God brings us as we turn to Him and listen to Him. We do this by studying His Word and doing so under the tutelage of the Holy Spirit. Do not let God's Word and the instruction of His Spirit depart from your sight as you walk in this world. This is a difficult thing because there are so many different things clamoring for our attention in this world. To listen to them and to heed them is NOT wisdom - and will lead to our lives being lived for that which is not the substance and essence of why we are alive. We will live a small life - and one that will not last. Staying focused on God and His Word is the way to live a life of meaning and purpose.
The second word used here is discretion. This is the Hebrew word, "umezimmah" and it means, "to resolve to act according to the directions of God's wisdom. What is fascinating here is that discretion is setting our lives practically on the foundation of God's wisdom and Word. It speaks of taking the lofty purposes and intentions of God that come from the sound wisdom gained in His Word - and then using those to make every day decisions and plans which help us to live our lives according to His will. We must be able to take the information we gain in understanding God and His ways - and boil it down to practical application in our lives. If we do not do this - then all we have are lofty thinking and high principles in our heads with no action upon them in our lifestyles. Though it is nice to have lofty thinking - it is useless if it is not put to practice in choices every day.
Solomon is telling us that God wants both lofty and deep thinking on Who He is and what He desires in our lives - as well as very practical ways of taking that knowledge and making it a part of our choices every day. This is truly the whole picture of Godly, wise living. It does not shun the foundational thinking that makes a worldview - yet it also does not make a wise and godly lifestyle a matter of mental exertion only. God has set the two things that will truly bless our lives here in front of our faces. We have therefore a choice - to embrace both the instruction in deep, wonderful theological thinking about life - as well as the very practical activities that will make that knowledge a part of how we live every day.