Psalm 49:3, "My mouth will speak words of wisdom. My heart shall utter understanding," is a powerful statement about the source and nature of true wisdom. Let's break it down:

"My mouth will speak words of wisdom": This phrase signifies that the psalmist will articulate wise sayings. But it's not just about cleverness or knowledge. The "wisdom" here implies a deeper understanding of life, its purpose, and how to live well. It's about discerning truth and applying it practically. It goes beyond simple facts and delves into the implications of those facts.

"My heart shall utter understanding": This phrase emphasizes the inner source of the spoken wisdom. The "heart" in biblical terms represents the seat of one's thoughts, emotions, will, and intellect – the whole inner person. "Utter understanding" indicates that true understanding originates deep within. It's not just memorized or regurgitated knowledge, but a deeply felt comprehension of the truth. It's wisdom that's been pondered, digested, and integrated into one's being.

Together, the verse means that:

The psalmist's words of wisdom are not superficial but stem from genuine understanding cultivated within his heart.
True wisdom is not just about knowing things, but also about understanding their significance and how they apply to life.
The combination of speaking wisdom and having understanding in the heart suggests a person whose actions and words align with inner convictions and knowledge.
It emphasizes the importance of internalizing knowledge and allowing it to shape one's character and perspective.

In essence, the psalmist is declaring that the wisdom he shares comes from a place of deep understanding within himself, not merely from rote learning or external sources. The verse speaks of wisdom that is both spoken and embodied, a characteristic of a person who has truly grasped the meaning of life and seeks to share that understanding with others.