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Here, the psalmist opens by calling the Lord his “portion” (v. 57), חלק, a word that often has the connotation of an “inheritance.” Thus, the psalmist is reflecting the importance of a Godly multigenerational legacy by calling the Lord his inheritance.  Reflecting the high value placed on inheritance, the psalmist moves directly from this to stating his commitment to keep the inheritance.  This passage is of course primarily about the value of God’s word, but its secondary application is as a model of inheritance.  Fathers are to imitate their Heavenly Father in laying good foundations in order to pass on a Godly inheritance to their children.  And the children are to take up this legacy with gratefulness and a commitment to honor a Godly legacy. 

The psalm also has an interesting contrast between groups of people: “bands of he wicked” (v. 61) versus bands of the righteous (v. 63).  “I am a companion of all them that fear thee, and of them that keep thy precepts.”  Thus, unlike so many religions which seek holiness in reclusiveness, Scripture teaches that holiness is found in God’s word, and that it can (indeed, should) be lived out in joyful fellowship with a community of others doing likewise.