Knowledge is the sum total of acquired information, and

Wisdom is the process of using the knowledge properly.

As long as it is the right things you let go of:)

Knowledge is the acquiring of information that us useful.

Wisdom is knowing when that information is no longer any good!

When we were in the elementary grades we were taught of Good Manners and Right Conduct. When we went to High School we were taught about values. When we were in college we were introduced with ethics. The term wisdom comes from the Bible and it defines it in different applications:
To know God is wisdom
To do good rather than bad si wisdom
Doing the right thing in a situation is wisdom
Knowledgeable persons not doing the right thing are a fool.