Consider this that after more than one thousand years of practicing the Day of Atonement, Passover, morning, and evening sacrifices, and freely offered sacrifices, the final Old Testament prophet John the Baptist announced that what the shadow of all those sacrificial lambs pointed had come. Jesus is the once-for-all sacrifice for the sin that this world has committed against its Creator. He is the Lamb of God.
Philippians 3: 8 ESV
Indeed, I count everything as loss because of the surpassing worth of knowing Christ Jesus my Lord. For his sake I have suffered the loss of all things and count them as rubbish, in order that I may gain Christ.
So therefore, any one of you who does not renounce all that he has cannot be my disciple.
In our day to day basic Christian life we must renounce all (loss of all things) means, if we must choose between Christ and anything else in life, we will choose Christ.
Renouncing means that we will approach everything in ways that bring us nearer to Christ, so that we gain more of Christ, and enjoy more of him, by the way we relate to everything else in life. And we will deal with the things of this world in such a way as to show that they are not our treasure, but rather that Christ is our treasure in life.
Can you imagine losing everything in life? If happens to people every day around our tortured and lamentable world. In war torn countries like Nigeria and the middle east, people loss all material things as they often lose their lives as well.
So if we lose any or all the things of this world, we will not lose our joy, or our treasure, or our life — because Christ alone is all those things. Thomas Aquinas said the death of Christ “is sufficient to redeem and save all as well as if there were infinite worlds. You see such is the sacrifice that no matter how many worlds God could create Christ’s sacrifice would be sufficient to cover all sins.
The Lamb of God, John 1:29 The next day he saw Jesus coming toward him, and said, “Behold, the Lamb of God, who takes away the sin of the world! is the same person described as the eternal Word, who is both God and in relation to God (John 1:1–2, 18), In the beginning was the Word, and the Word was with God, and the Word was God. 2 He was in the beginning with God. 1:18 No one has ever seen God; the only God, who is at the Father's side, he has made him known.
Hopefully, each of us can someday say with Paul, “I count everything as loss because of the surpassing worth of knowing Christ Jesus my Lord.”