"Blessed is the man that walketh not in the counsel of the ungodly" (Psalm 1:1).
Psalm 1 is the Psalm of the Walk: "Blessed is the Man that walketh not in the counsel of the ungodly." First of all, we need to understand that this is a standard of absolute perfection, and only the Lord Jesus perfectly fulfilled these words. But Peter reminds us, "For even hereunto were ye called: because Christ also suffered for us, leaving us an example, that ye should follow His steps" (1 Pet 2:21).
It is the Psalm of the Word: "But His delight is in the Law of the Lord and in His Law doth He meditate day and night."
But in application to us, it is also a Psalm of the peril of Withering. This will be the result of not meditating in the Word. If we delight in the Word, our "leaf also will not wither."
It is also a Psalm of Work: "Whatsoever He doeth shall prosper." The blessed Man did not and could not fail in His work. He could say, "I have finished the work which Thou gavest Me to do."
But again in warning to us, it is also a Psalm of the Wind. If we fail in our meditation of the Word of God, we will become "like the chaff which the wind driveth away." Paul told the Ephesians that the preservative from "being tossed to and fro and carried about by every wind of doctrine" was through being "edified in love" through the ministry of the Word of God through those who the Lord has equipped to minister it. (Eph 4:11-16).
Finally, it is a Psalm of the Way. "For the Lord knoweth the way of the right-eous: but the way of the ungodly shall perish" (Psalm 1:6). There is nothing that escapes His all-seeing and fully caring eyes.