In this verse, James is speaking of wisdom for a particular circumstance. In this context, it refers to those times when we do not know what to do. According to James, God gives wisdom generously. As a matter of fact, God gives wisdom away without any remorse or reproach. Wisdom is available to you based purely on your trust, confidence, and faith in Him rather than your previous record.
Being aware of our deficiencies in any of these areas of our Christian walk is indeed wisdom. To resolve such problems, it is prudent to seek wisdom from the Lord. Knowing one's spiritual ignorance is the first step toward godliness. Acknowledging our lack of godly wisdom is a prudent step towards maturing in the faith, growing in grace, and understanding our privileged position in Christ.
As weak and frail as we are, God knows that when our faith is tested, we may complain, murmur, or become unsteady in our faith. Because of this, He provides us with the wisdom we need to maintain an unwavering and uncompromising faith in Him. In fact, He delights in providing generously to those who ask for it.

Dear Heavenly Father, my faith is being tested hard by the pressures of daily life. I need your wisdom to help me make the right decisions in the challenges and situations that will confront me today. I pray that you will supply me with all the wisdom I need to face the future with joy, knowing that my life is secured in Christ. Let Your love and Your Word help me grow in wisdom and grace. 
Jesus's name I pray. Amen.