"'and into an inheritance that can never perish, spoil, or fade-kept in heaven for you,'" NIV translation
We see from this verse that not only are we given a new birth into hope but also an inheritance. When we are born again, we have a new father and with that new Father come the rights as a child which means we become an heir to what the Father owns. Since our true Father created and owns everything then we do as well. We all need to let this soak in and start walking in victory as the royal heirs that we are. Stop looking at our current situation and remember that we are a new creation. (Frustration = trying to fit a new creation into an old situation) We see from this verse that the inheritance is forever and kept by God for us.
"who through faith are shielded by God's power until the coming of the salvation that is ready to be revealed in the last time." NIV translation
This verse can serve to comfort us no matter what our situation is like. We are told that we "are shielded by God's power" which is another way of saying that God takes care of His children and that includes us. He is our protector so who or what should we fear?
"In this you greatly rejoice, though now for a little while you may have had to suffer grief in all kinds of trials. These have come so that your faith-of greater worth than gold, which perishes even though refined by fire-may be proved genuine and may result in praise, glory and honor when Jesus Christ is revealed." NIV translation
We rejoice in the hope that we have seen but now Peter tells us that we are going to have grief and trials here on earth. He goes on to tell us that all of these trials have a purpose and that is to prove our faith and to praise Jesus. It is easy to walk in faith when there are no trials but when things get tough people really see what you cling to and what your hope is in. Remember, Peter is talking here from experience as he failed miserably at times but he also has been restored and is focused as never before on Jesus.
"Though you have not seen him, you love him; and even though you do not see him now, you believe in him and are filled with an inexpressible and glorious joy, for you are receiving the goal of your faith, the salvation of your souls." NIV translation
Our joy comes from the Lord and does not depend on anything except our relationship with God. We have joy because we have a right relationship with God and we are and will be saved from the coming judgment. That cannot be taken away and we can't slip and lose our salvation. We have been given the Holy Spirit which testifies that we are God's.