As I glance over Psalm 119:98–100, I see three benefits gained by those who absorb the Word: wisdom, insight, and understanding.
Wisdom is the ability to look at life and its difficulties from God's point of view. As I learn more of the Word of God and begin to get a grasp of its practical principles, I also gain the ability to look at life from a heavenly, eternal viewpoint. I see the world through the eyes of someone who is infinitely wise, entirely good, and whose agenda includes the well-being of all people. Consequently, I begin to see my circumstances as opportunities He has designed to develop me and train me as His vessel. This removes bitterness and irritation from my life and replaces them with gratitude and enthusiasm!
Insight is the ability to see through life and its difficulties from God's viewpoint. In other words, as I grow in the Word, I gain the ability to penetrate the surface level of irritations and problems. I am given insight to see the real causes for certain situations, much like God can see beneath the outer mask (1 Samuel 16:7). I can see, as it were, the inner workings of situations so that I might make strategic decisions rather than simply react. Make no mistake about it, teachers can communicate knowledge, but the Word alone can give you insight.
Understanding is the ability to respond to life's situations and difficulties from the holistic, panoramic comprehension of God's viewpoint. As I get a hold on the Word, I not only gain insight to see the inner workings of a matter, I discover how to respond to effect the best outcome. I am able to learn from my decisions, even when things don't turn out my way. I find that my attitude is as important to God as my activity—often more so!