Application: Luther applied this aspect of sin and salvation by saying "Simul justus eta pecator." Meaning we are both simultaneously made right with God (don't translate Justus-justification as saint) and sinners.
We must admit that as baptized Christians we are in live with two men....the Old Adam (sin), and the New Christ (salvation).
Prayer: Lord guide me in the paths of your righteousness leaving behind the old adam. Help me fall in love with your son again and again.