Psalm 1 is a contrast of two ways: the righteous and the wicked. The two ways are not equal. One is blessed (v. 1), whereas the other perishes (v. 6). So, the two ways are not presented as two good options. One path should be taken and the other avoided.
The Psalm reveals that God blesses a certain kind of man so much that he is compared to a tree planted by streams of water that brings forth its fruit in its season, has leaves that don’t wither, and prospers in whatever he does, whereas the ungodly are as the chaff the wind drives away.
The man, or person, that God blesses as distinctive traits. On the positive side of things, he delights in the Law of the LORD and meditates on it day and night. On the negative side, he does not walk in the counsel of the ungodly, nor stand in the path of sinners, nor sit in the seat of the mocker. This person, in other words, loves God’s Word so much that his mind is preoccupied with it frequently, and he avoids the influence of evil in his life.
Of course none of us do this perfectly in our flesh. We have listened to ungodly advice, and developed actions and attitudes that dishonor the Lord. We have not delighted in and meditated on His Word as we ought. But Jesus did. He always did what pleased the Father, perfectly obeying Him.
But if we trust Him as our Savior, we will also want to follow Him in those areas He wishes us to imitate Him.
Are you happy and enjoying God’s favor? Are you delighting in and meditating on His Word and avoiding evil influences?