Here are my answers to the application questions! (Note, I didn't answer all of them as some fit well with the text and others did not fit as well). Praying that the time you have spent learning to study the Bible will prove to bear much fruit throughout your life.
1.) How does this passage challenge or confirm my understanding?
2.) Is there some attitude I need to change?
Need to become less discouraged and disappointed with trials and difficulty in my life, and see that God is using it to refine my faith, and bring glory to Jesus. During these times I need to do a better job reflecting on the incredible inheritance that has been given to me in Christ and realize these suffering are temporary, while the inheritance is eternal.
3.) How does this passage call me to change the way I live?
Regularly praising God for the salvation that He has given to me.
4.) What does this passage teach me about God? Church? World?
God: He is the one who has caused me to be born again to a living hope.
Church: NA
World: there is nothing else in this world that provides the same level of assurance as the inheritance I have in Christ does.
5.) What does this passage teach me about myself? How should I respond?
It teaches me that my salvation is a gift, God has caused me to born again through the life, death, and resurrection of Jesus Christ. This means that I should live a life of gratitude, of amazement at the grace of God in my life.
6.) Does this passage require that I take action? If yes, what action?
7.) What sins does this passage identify? Do I need to repent of these sins?
8.) What should I praise God for in this passage?
That he has caused me to be born again to a living hope.
That he has given me an inheritance that is imperishable, undefiled, and unfading, kept in heaven for me, and being guarded by God's power.
That I have been able to live after the prophecies about the messiah came true.
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