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Knowledge is just information. Wisdom is understanding what should or must be done with it in any given case. This is the reason why wisdom is not as common as knowledge. Knowledge can be learned through study, but wisdom can only come from experience. The two qualities complement and complete each other.

You beat me to the punch. Very well put.

The person who succeeds is not the one who holds back, fearing failure, nor the one who never fails-but the one who moves on in spite of failure.

Charles R. Swindoll

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