When I gave my kids an instruction and they responded, “I know,” I always followed it up with, “It isn’t enough to know; you need to DO.” That’s a pretty rough paraphrasing of this verse. God has given us instructions in His Word. It isn’t enough that we read it or memorize it or quote it; we need to LIVE it. When we do what God says, we not only please Him, we can live a life without regrets. That’s a pretty awesome way to live.