This verse describes David's instruction to Solomon to keep his words in his heart and obey his commands. By telling Solomon to let his heart hold fast to his words, David is demonstrating that intellectual knowledge of Scripture cannot alone produce wisdom or godliness. It is imperative that we love God's Word with all our hearts. 
The virtue of wisdom provides protection and honor. In turn, it becomes an enduring quality that is rewarded and respected by many. Despite Solomon's deviations from his father's wisdom in later life, there is no doubt that he had a keen understanding of the true meaning of life. His message to his sons was that the road to righteousness, the path to peace, and the highway to a true understanding of God are guarded by wisdom from above.
The book of Proverbs contains a number of lessons on godly living for our learning. Let us never lose sight of the fact that all wisdom, knowledge, and understanding are found in Christ. By faith in Christ, those of us saved by grace have direct access to the Lord Himself. All who seek wisdom are urged to ask God from their hearts, as He will provide generously without finding fault with anyone.

Dear Heavenly Father, Your words of wisdom in Proverbs are a blessing to us. Thank You that the treasures of wisdom, knowledge, and understanding are found in Christ. I pray that You will encourage me to seek wisdom and understanding. I will realize that the fear of the Lord begins wisdom, and the knowledge of the Holy One brings understanding. Please grant me a teachable spirit so that I may continue to grow in grace and in the knowledge of the Lord Jesus from this day on and for all eternity. 
In Jesus's name I pray. Amen.