This is an important discussion to have in dealing with election. Why? Because, ultimately, how one finishes his or her race is much more important than how one starts the race.
Here are the facts:
1. The Rich Young Ruler comes to Christ, knowing he is lacking something which disqualifies him from eternal life. He's seeking eternal life, but something within him tells him he doesn't have it.
2. He keeps some of the law. I say "some" here because there are select Commandments Jesus questions him on, he affirms his fidelity to them, and Jesus doesn't dispute the so-called man-ward Commandments.
3. Jesus commands him to 1.) sell all he has and give to the poor and 2.) follow Him.
4. The Rich Young Ruler departs from the company of Christ. The text says he does so sorrowfully, disheartened, and sad.
5. The reason the Rich Young Ruler departs the company of Christ is because, the text says, he was very wealthy and, obviously, not willing to give up his "great possessions" to give to the poor or follow Christ.
6. The commentary by Christ to His disciples after the encounter tells of the difficulty of the rich entering the Kingdom.
7. Included in the commentary by Christ is the idea that one must leave everything--including wealth and possessions--to follow Him, expecting to have subsequent treasure in heaven.
The above facts are referenced in all of the accounts...
Several things become clear:
1. Keeping the commandments the man had affirmed was not enough. Jesus says, "One thing you still lack." So, at this point, the man does not have eternal life.
2. The Rich Young Ruler's issue is his wealth. The text is quite plain on this. He was unwilling to divest himself of everything in order to follow Christ.
Quite simply, the man treasured his possessions more than he treasured Christ. Today, as in Jesus' day, there were many things that were stumbling blocks to people following Christ. Today, perhaps, it's one's sexuality that he or she is unwilling to "sacrifice." Nevertheless, regardless of the issue, anything that comes between us treasuring Christ above all is an object of our idolatry.
3. Riches often prove to be a stumbling block to entering the Kingdom. Jesus' own commentary references this.
But, we must be cautious here because we know from other passages of Scripture that wealth, in and of itself, does not automatically disqualify someone from salvation. We are told, after all, that it is the LOVE of money, not money itself, that is the problem.
4. Jesus tests the man on the "one thing he's still lacking." The test is related to that man on a personal level--his great wealth. And, the man fails the test. He cannot part with his possessions to have Christ. So, while the man does, apparently, keep some of the Commandments, he does not keep them all. He may get the man-ward Commandments right, but he's failing on the God-ward ones, most notably the one stating "You shall have no other gods before me."
In the words of the parable, he has found the treasure in the field, but he treasures his own wealth more than the treasure in the field and, therefore, does not sell everything he has to possess it.
5. In the subsequent commentary, Jesus' and his disciples discuss the disciples having left everything for Christ. While leaving everything doesn't guarantee salvation (becuase Judas was likely in this group), not being willing to sacrifice all to follow Christ guarantees that you won't be saved. He is either Lord of all or not lord at all.
Blessings,
The Archangel