Jesus said that all of God's laws are summed up in two: Love God and love others. We've all broken both by worshipping other things over God and loving our selves more than others. We're guilty. That's the bad news.
The good news: If you can admit this and place your trust in Jesus' work on the cross for your forgiveness and acceptance with God, you are justified. Justification is an immediate, one-time event that takes place when a person gives his or her life to Jesus during which they are declared righteous.
Once you're justified (declared righteous), you begin a life of sanctification. Sanctification is the process of growing into righteousness. When God looks at a Christian, He sees the righteousness of Jesus Christ. Once you're in Christ, you are forgiven and accepted by God. You don't have to earn it by reading your Bible, praying, etc.
Many try to earn justification by their work toward sanctification - but it doesn't work that way. Only once you are justified can you begin to grow into that new identity. This makes reading your Bible and praying a joyful privilege, not a stressful duty. It's something you get to do, not something you have to do.
Faith in Christ equals joyful forgiveness and acceptance before God, not religious duty.
This is hard to understand. If you're confused, watch this guy's explanation - might help. Might confuse your further. Who knows.