What we choose to do matters.
5:5 For this you know (from both reflection and experience), that no fornicator or unclean or covetous person, who is an idolater, has an inheritance in the kingdom of Christ and God.
There will be loss from a lack of obedience and cooperation with the Holy Spirit, as he seeks to clean us up, that is bring our character in conformity to the character of Jesus—the process of sanctification. What is lost will be inheritance, reward. This does not mean loss of salvation:
If any man’s work is burned up, he shall suffer loss; but he himself shall be saved, yet so as through fire. (1 Corinthians 3:15, NASB)
5:6 Let no one be deceiving you with empty words, for because of these things the wrath of God is coming upon the sons of disobedience.
This verse clearly indicates that our disobedience in the form of willful sin brings God’s discipline. My personal take on this is that if we are actively struggling to overcome sin, we can avoid such discipline–at least to an extent. But if we deceive ourselves with “empty words,” telling ourselves we can get away with willful sin, that’s an invitation for disciple. And I want to avoid God’s discipline as much as possible! Especially troublesome is a flaunting of a sinful lifestyle. Remember Eli’s sons who had sex with women in front of the temple and that their father failed to rebuke them (1 Samuel 2-4).
Do not be deceived, God is not mocked; for whatever a man sows, this he will also reap. For the one who sows to his own flesh shall from the flesh reap corruption, but the one who sows to the Spirit shall from the Spirit reap eternal life. (Galatians 6:7-8, NASB)
5:7 Therefore do not become fellow partners with them;
5:8 for you were then darkness, but now you are light in the Lord; be walking as children of light
Our lives prior to inviting in Jesus Christ consisted of darkness, and now they consist of light. Because we have Jesus within us via the Holy Spirit of God. We cannot help but shine in the spirit realm. The trick is to live in light of that so that the light so evident in the spiritual realm will become more evident in this world too. We do that by walking as children of light. In other words, act like it.
May our attitude continually be diligence in cooperating with the Holy Spirits as He seeks daily to work within us.