The first word here is "blessed" so I naturally wonder just what that means to be blessed. My research found that the Hebrew word is 'esher - pronounced 'ashar. It means happy, happiness and how happy. It would seem that "how happy" would fit best here.
The word man is self-explanatory but I looked it up anyway to make sure. Walketh is a Hebrew word (halak) that means walk, go along and be conversant. The word counsel is the Hebrew word esa meaning advice, plan or purpose. The word ungodly is the Hebrew word rasha meaning morally wrong or wicked.
The word standeth is the Hebrew word amad meaning to cease, remain or tarry. The word way is the Hebrew word derek meaning a road, journey or course of life. The word sinners is the Hebrew hatta meaning criminals, offenders and ones accounted guilty.
The word sitteth is the Hebrew word yashab meaning dwell, abide, continue, and remain. The word seat is the Hebrew moshab meaning habitation, dwelling or abode. The word scornful is the Hebrew lis meaning scorner, mocker or scoffer.
Restating the verse with the Hebrew interpretations
How happy is the man who doesn't go along receiving and listening to advice from the wicked or morally wrong, nor tarries in the journey of life with the wicked nor abides or continues in the habitation of the scorner, mocker or scoffer.
I find something here that I believe came through a revelation from the Holy Spirit to me concerning this verse. It is something I never heard taught so I have to believe God gave me the understanding through the direction of his Spirit.
PROGRESSIVE BACKSLIDING - It is interesting that this verse speaks of our journey through life and encounters along the way, and that it is totally in the negative (ie; walketh not followed by nor standeth and nor sitteth. So blessed is the man who doesn't do the things mentioned in this verse. What does that have to do with backsliding.
Simply this; the man under consideration is happy as long as he avoids companionship with certain individuals. When a man deviates from that path he begins rather slowly by walking with the wicked and listening to what they say. That is the beginning of turning from the Lord.
Next the man stands still and listens intently to what the unbeliever is saying. While this happens he is beginning to doubt God and his faith in God, and the longer he stands and listens the more he doubts until he finally takes the third step in backsliding.
He sits down with the unbeliever who in this verse is a mocker, a scorner and a scoffer.
Then he begins to partake of the activities of his host and gradually forgets the merciful grace of God that purchased his pardon and joins in with his host and becomes what he once knew to be evil and offensive to God.
The Bible says that bad company corrupts good manners. There is much more to that verse than the simple phrase above. Bad company leads men from Christ to perdition.
The second verse of this Psalm has the cure for the man in the first verse and the great need of all who would follow Christ and claim the name Christian. It reads like this:
"But his delight is in the law of the Lord and in His law does he meditate day and night." David the Psalmist said it this way; "They word have I hid in my heart that I might not sin against thee." Psalms 119:11 Joshua said; "This book of the law shall not depart out of thy mouth but thou shalt meditate in it day and night that thou mayest observe to do according to all that is written therein; for THEN shalt thy make thy way prosperous, and THEN thou shalt have good success." Joshua 1:8 The Bible further states; "How shall a young man cleanse his way? By taking heed unto the word of God."
It is one thing to spend time with unbelievers with the motivation to seek opportunities to minister the gospel to them. It is quite another to sit with them and partake of their sinful ways and assent to their anti-God teaching. A man or woman of the word will not be so easily deceived as the man who disregards the warnings of scripture. Knowing the word of God is vitally important to surviving in the spiritual realm. I was taught long ago that fore-warned is fore-armed. The scripture is the sword of the Spirit and powerful in the destruction of the lies of Satan no matter who or where they come from.
Walk with wisdom all the days of your life. - Proverbs 1:20-33 - I heartily recommend that every Christian read this chapter over and over again and heed its message completely!