For those of us who have submitted to the Lordship of Jesus Christ, these words should have special meaning. They remind us that we are new creations through the blood of Christ. We are no longer slaves to our former natures. We are free to be more than we could ever have otherwise been because we are now filled with the Holy Spirit.
These words should give us pause to consider that, for us as a Christians, we ultimately don't have to compare our successes or failures to other people or kill ourselves to live up to their expectations. Ultimately, our goal is to serve the King with with all or the gifts and talents with which He has so richly blessed us. Doing that will always lead us toward growth; spiritually, personally, and communally.
In other words, we as Christians will never get where we are going by looking sideways to see what everyone else is doing or thinking but by looking toward God to grab hold of where has set us free to go.