The Apostle Paul was talking about the Gospel of Jesus Christ in the opening text, and went further in the next verse to let us know that through the Gospel, the righteousness of God is revealed from faith to faith: "For therein is the righteousness of God revealed from faith to faith: as it is written, The just shall live by faith" (Romans 1:17).
What does that mean? It means living beyond the outward man, because faith is the response of the human spirit to the Word of God. To live by faith, therefore, means to live from your spirit in response to God. That means living in, and on the Word of the Master. Jesus said man shall not live by bread alone, but by every word that comes out of the mouth of God (Matthew 4:4).
The Word of God is your life. It's what you need for a balanced spiritual life. The Bible says, "As newborn babes, desire the sincere milk of the word, that ye may grow thereby" (1 Peter 2:2). Even the Psalmist in the Old Testament understood the importance of living by the Word and therefore declared, "O how love I thy law! it is my meditation all the day" (Psalm 119:97).
Let the Word of God dwell in you richly. The Word in you is what you need to move to the next level in your Christian life; be more rooted and grounded in the Word. Feed your spirit with the Word continually. The potency and efficacy of God's Word is unquestionable. His Word is absolute reality, and all you need to experience victory and promotion in life is to live by the Word!