Robin, I like that saying. It is true for many things in life. I teach my son as much as I can but do not thing I will ever be able to teach him everything that I know. So it applies to many things.
I think the best you can do is to give your kids good core values and teach them principles (because unlike rules they can be applied to many situations). My father thaught me to always investigate and understand the reasons why something happens. That stuck with me and this sort of curiosity has led me to find out what matters for me rather early in life. Im very grateful for that.
Alea iacta est ("The die has been cast")