A young child can commit a verse like that to memory. But, they also need to use it when they argue with siblings or friends. It won’t help if you’ve memorized the whole Bible, if you don’t use what you’ve learned.
Of course, this means you, too, need to use what you learn. But, your task is greater. As the spiritual leader in the home, you must set a good example. Nobody will believe you if you say one thing and do another. Although, if you normally do well, they will forgive you if you mess up and then humbly apologize and truly seek to do better.
However, you must also guide and direct those you are leading so you all stay away from false teaching. Because, there are plenty of people out there who don’t interpret the Bible the right way; either because they are misinformed, or because they want to excuse their own misbehavior or purposely lead people astray.