This verse is part of the Old Testament, an element of the Old Covenant
Let us read this verse in light of the New Covenant:
Christ is our wisdom! This is His firs qualification in the life of the believer, according to Paul in his letter to the Corinthians.
So, wisdom is from Jesus, is Jesus Christ, who lives in us (Colossians 1: 27).
But what about understanding? Jesus gives us this, too:
"And we know that the Son of God is come, and hath given us an understanding, that we may know him that is true, and we are in him that is true, even in his Son Jesus Christ. This is the true God, and eternal life." (1 John 5: 20)
What is understanding all about? Knowing Him more:
"Then he said unto them, O fools, and slow of heart to believe all that the prophets have spoken:
"Ought not Christ to have suffered these things, and to enter into his glory?
"And beginning at Moses and all the prophets, he expounded unto them in all the scriptures the things concerning himself." (Luke 24: 25-27)
and
"But grow in grace, and in the knowledge of our Lord and Saviour Jesus Christ. To him be glory both now and for ever. Amen." (2 Peter 3: 18)
Wisdom is a person, and He lives in you. Just ask Him, and He will guide you by His Holy Spirit into all knowledge (John 16: 13)
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