A couple of thoughts from this psalm:
First, we can see the progression of sin in the first few lines- we begin by asking ungodly people for advice then by carrying through with sinful actions (Jas 1:13-16).
We also see that there are ONLY two choices- we follow the way of the LORD and are righteous in His sight, or we refuse to and perish as the ungodly.
We must be very careful of the company we keep, the desire of our hearts, and the actions that we take. I hope these thoughts have been helpful to you on this very lovely Thursday!