The author continues to address the reader as though he or she were the author's son or daughter.
If you strive after wisdom and listen to words of wisdom, and seek it like gold and silver, then you'll develop the fear of God.
God, says the speaker, is the one who dispenses wisdom—storing it up for good people, and helping guide the righteous and just.
Fear of God grants someone with all sorts of positive qualities—they all come from this initial reverence. It helps save you from wicked people, as well.
Wisdom helps prevent you from falling into the clutches of an evil adulteress, who seduces men and leads them down into the underworld.
So, continue to do good, says the speaker (sounds pretty basic). The wicked will be cut off from the land, but the righteous and innocent will remain comfortably in it. So they've got that going for them.