The fear of the Lord is the beginning of wisdom is a classic line found multiple times in the Old Testament.  Within each reference we are told additional reasons for fearing the Lord.  Psalm 111 tells about the Lord’s greatness and ends with verse 10 “The fear of the Lord is the beginning of wisdom;  all who follow his precepts have good understanding.  To him belongs eternal praise.”    This verse closes Psalm 111 and leads into Psalm 112, one which scholars call its twin.  Psalm 112 speaks of a godly man and how following the Lord brings him an abundant life.  Praise the Lord!  Blessed is the man who fears the Lord, who greatly delights in his commandments!”   The phrase ‘fear of the Lord’ is equated with reverence, awe and respect.  So having great respect for the Lord and His Word and following the precepts (principles) of His Word will bring blessing and delight.  The psalmist continues on for 8 more verse explaining how fearing the Lord brings blessings to the believer.

His offspring will be mighty in the land;        Children productive and blessed.
    the generation of the upright will be blessed.
³ Wealth and riches are in his house,                He will have physical 
and his righteousness endures forever.            and spiritual success before God. 
⁴ Light dawns in the darkness for the upright;    He will be of good character.
    he is gracious, merciful, and righteous.
⁵ It is well with the man who deals generously and lends;    His character will be
    who conducts his affairs with justice.                filled with generosity and justice.
⁶ For the righteous will never be moved;               He will stand firm in faith and
he will be remembered forever.                             be well remembered.
⁷ He is not afraid of bad news;
his heart is firm, trusting in the Lord.             He trusts the Lord in all circumstances.
⁸ His heart is steady; he will not be afraid,
    until he looks in triumph on his adversaries.
⁹ He has distributed freely; he has given to the poor;  
his righteousness endures forever;                   He will reap the fruits of his
    his horn is exalted in honor.                                  generosity and faith.