We are enlightened in this verse of the ultimate sacrifice that Jesus made on the cross. Our Lord's death has a profound and eternal significance for those who believe in Him, not just as a historical event. It reminds us of Jesus' sacrifice for us and to be grateful for the salvation provided. By living according to His teachings and commandments, we can also honor the price that Jesus paid for us.
We were created by God and belonged to Him, but we sold ourselves into slavery through disobedience to His commands. Our rebellion against a holy God resulted in severing the bond of our intimate relationship with Him and condemning ourselves to eternal separation. In His grace, however, God redeemed us by paying a high price for our salvation.
God paid the ultimate price to redeem us from the power of Satan and the empty way of life inherited from our ancestors. He bought back what rightfully belonged to Him, not with perishable things like silver or gold, but with the precious blood of Christ, His only begotten Son. This highlights the immense value and worth that God places on each one of us and the depth of His love towards us.

Dear Heavenly Father, I cannot express my gratitude and thanks to You for redeeming me from the empty life I inherited from the human race. The salvation it offers is a blessing in my life, and I pray that I may live it in a way that honors His sacrifice. Thank You for redeeming me through Your son's precious blood and showing me Your grace and love. Thank You for giving me eternal life by grace through faith. 
In Jesus's name I pray. Amen.