the part God can't do for us: our part	The part we can't do for ourselves: God's part
faith	God's elect
knowledge of the truth	leads to godliness
do good	redeem, purify, make us eager
devote themselves to good	show mercy and kindness toward us in spite of our deeds

poured out spirit on us

justified us

made us heirs, having hope of life eternal--this is a "trustworthy or faithworthy" saying

faith of God's elect is trust in God, not a cosmic bank account with which we buy God out and make him do what we want. The faith of God's elect is what makes the promises of God real to them.