The sensible see danger and take cover; the foolish keep going and are punished.
If I were going to paraphrase this proverb in more modern terms, I might say "A smart person sees the warning signs and heeds them; the fool goes on as if they aren't there."
There is something frustrating about watching people be foolish. People will come up to me, and tell me about the difficulties they are in. That in itself isn't frustrating; the frustration sets in they will speak as though they are so shocked to be where they are. For the life of them they cannot understand how they are where they are.
Now, as I listen I am making a mental list of all the places where they made mistakes. The mistakes are obvious. By the time the list is complete, along with the tale of woe, one thing has become clear: The individual ought reasonably to have surmised that trouble would result from their course of action.
As a counselor, the only question is whether they will accept responsibility or not. If they will, help can be effective. If not, then there is little point in offering assistance. If they want to accept responsibility, then they will heed the signs that I hold up for them. Otherwsie, they won't, and, as the Proverb puts it, be punished.