Nevertheless, all the things that I used to think were profitable; I have considered them all a loss because of Christ. But even more than that, I am considering everything (not just my religious heritage) a loss because of the transcending knowledge of Jesus Christ my Lord. Because of Him I have willingly laid everything down. In fact I am considering everything as crap*, so that I might win Christ and be found in Him: not having my own external righteousness that comes from the law rather than through the faithfulness of Christ, but an internal righteousness that comes from God through faith. I desire to know Him and the power of his resurrection, participating in his suffering, being molded by His death, if, in some way, I might also endure until the resurrection from the dead.
*I would use a more descriptive and shocking word if I wasn’t as concerned for the sensibilities of others. I think, however, that a different translation might be helpful. See Daniel Wallace’s online article for more help.