Modeling: Abraham Lincoln said, "There is but one way to train up a child in the way he should go, and that is to travel it yourself." A good example is worth a thousand sermons. What you do has more impact on your child than all the lectures you could ever give.
Management: Good management is the ability to discern the uniqueness of a child and teach him or her accordingly. We are to train up a child in the way he should go. This may mean we will have to adapt our style, depending on the child's temperament and wiring.
Memories: Memories are more important than things. Note that the verse says, "When he is old, he will not depart . . . " This implies that the child has memories of his early experiences and embraces them later in life.