v1-3 - There are only two spiritual conditions, and before learning what it means to be alive in Christ, you must understand the default condition: being dead in sin.
People who are spiritually dead are slaves to "the ruler of the kingdom of the air (v2)."
All people who are not in Christ are in this condition,
enslaved to satisfying their own unquenchable appetite.
This sinfulness makes people deserving of God's wrath, not His love.
v4-7 - Always be on the lookout for big BUT's in the Bible, and this is one of them. BUT:
although we deserved God's wrath,
because of God's love, He has:
made you alive in Christ by grace,
and raised you up with Christ, in order that:
in the age to come
He can give you even greater kindness.
v8-10 - This passage is the central message of the Bible - understand it well!
you have been saved
faith (which has been given as a gift from God)
not the good things you've done (nobody can brag about how they've saved themselves).
God did this because you're the best thing He's made.