That having been justified by His grace we should become heirs according to the hope of eternal life. —Titus 3: 7
Through mercy God forgives you of your sins. But by grace He justifies you, and that means He has dismissed the charges against you. He has wiped the slate clean. "There is therefore now no condemnation to those who are in Christ Jesus" (Romans 8: 1). Because you have received Jesus Christ as your Lord, as God looks at you today He sees you as absolutely innocent. So where justice is getting what we deserve, and mercy is not getting what we deserve, grace is getting what we don't deserve.
Being justified by His grace, I am now God's child.
I don't deserve God's love. I don't deserve the total blotting out of my sins, or eternal life in His kingdom. But those are things that God gives to me because of the justification that came through His grace. I deserve death; through grace God gives me life. I deserve hell; through grace God opens heaven's doors to me.
As His child, I become an heir of God. The world has many millionaires, and even billionaires. But the wealth accumulated by those people is absolutely nothing compared with God's riches. We who belong to God are richer than the richest people on earth, because the eternal glory of God's kingdom belongs to us. In the endless ages to come, we who are God's children will enjoy the riches of the kingdom, the beauty of His presence, the majesty of His love, and the comfort of His grace and mercy—forever.
Father, thank You that by Your grace You have wiped the slate clean.
Oh, how happy we are because of Your grace towards us!
In Jesus' name, amen.