Although God has granted free will to every human being, man is not in a position to adequately guide himself alone. Man (whether righteous or wicked) cannot understand all the long-term consequences of his daily choices (in both word and deed), but God certainly does understand and is very much involved in the lives of those made in His image. He is Master over everything--including that which we do not understand and cannot presently perceive. I believe that this verse addresses the providential guiding of Almighty God. God knows the end from the beginning; He knows how to work out things for good in the ultimate sense for those who love Him (cf. Rom. 8:28).
So, what should we do in light of these truths? We should wait upon the Lord! We should confess our own ignorance and insufficiency before God and trust Him--even when it feels like He has forgotten us or is working against us. We should serve God to the best of our ability, even when we do not understand why certain things are or are not happening in our lives presently. I have compiled a list of verses from the Old Testament on this theme that I'd like to read at this time:
Although the contexts vary from which these verses are taken, the general theme is very clear. Wait on the Lord--in other words, trust Him enough to serve Him and rely upon Him in crisis and in the good times. He will take care of you and see you through! Is there something you strongly desire to be added to your life but God has not blessed you with yet (like a godly mate, for example; cf. Prov. 18:22)? Wait on the Lord; He knows what is best for you and His timing is perfect. Is there something you strongly desire to have removed from your life but God has not done so yet (like a thorn in the flesh, for example; cf. II Cor. 12:7ff)? Wait on the Lord; He knows what is best for you and His timing is perfect. Indeed, "a man's steps are of the Lord" (Prov. 20:24). There is nothing better for a Christian to do than to trust and obey God, no matter what. Such a course will lead to joy and peace that passes understanding.