A recent study found that “Wisdom is the best predictor of life satisfaction in both men and women and can offset the influence of negative age on life satisfaction. Wisdom has a greater influence on life satisfaction in older adulthood than health, socioeconomic status, financial situation, environment, or social engagement.”
What is wisdom? I'd say it's knowing what to do in a lot of situations. I'm not trying to make a deep point here about the true nature of wisdom, just to figure out how we use the word. A wise person is someone who usually knows the right thing to do.