506. See Things as they Really Are.

One definition of a wise man is one who sees things as they really are and not how he would like them to be. This is called the faculty of discernment. Avoid fooling yourself and remember that self delusion is the worst form of delusion - you yourself will always be the easiest person you can fool. Self-delusion is the most widespread mental illness that there is and it is the root of serious loss of sanity. Strive always to see things as they really are. You should always look below the surface in any situation and try to see what's really going on. If you don't like what you see, devise methods to make things how you would like them to be, but never fool yourself into thinking that they are as you would like when in fact they are not.

483. Wisdom and Problems

Remember that no matter what happens or whatever challenges arise, if you are wise, it is never a problem. The wise man never has problems, merely situations that require his attention.

394. Plan for the Future

Plan for the well-being of your descendents. Plan at least 3 generations ahead. My grandparents and parents planned for my well-being by making sure I received an education that allowed me to make a living. Your responsibility to the future generations is to take what has been passed on to you, improve on it and pass it on to the next crew to take over from us. Keep this journal and add to it the wisdom you acquire personally and preserve the knowledge for your children and grandchildren. Pass on any wealth you gain for them so that they may continue to live in prosperity. Try to ensure that they choose wisely in the spouses they pick because they should avoid divorces. Divorces weaken the wealth that we are working to build. It can be difficult to do this without trying to control the children too closely when they become adults but with wisdom and diplomacy you should be a great influence (for good) on them.

270. Adding Wisdom

Being wise and becoming wiser are more to do with reducing than with adding. Wherever possible, eliminate ornamentation and grow ever simpler. Hack away the unnecessary and allow the truth to be revealed without obstruction. Learn to shed the layers. Learn to let go of overly complicated ideas and models.

209. Important Distinctions Regarding Knowledge

There is a process and an order to the collection and use of knowledge.
1. Data is collected.
2. Data is organised to become Information.
3. Information acted upon becomes Knowledge.
4. Knowledge tried and tested becomes Wisdom.
5. Wisdom applied practically becomes Power.

Power is defined as the ability to act. This is what is meant when people say "Knowledge is Power" though they rarely understand the process.

http://www.youtube.com/watch?v=HF6ac747gaY 

116. Delayed Gratification

Learn the value of "Later!" Delayed gratification means delaying one good in the present time for the sake of a greater good in the future. Learning to delay your gratification as a child means that you will not become a broken, chaotic adult who is the slave of advertisers, banks and credit card companies.This is one powerful building block in the structure of your life plan and goal setting skills. A good challenge for today for you is to find at least six more equally powerful blocks and put them together to build yourself a pillar of wisdom.