"Grace and peace be multiplied unto you through the knowledge of God, and of Jesus our Lord." (2 Peter 1:2)
Grace and peace are two extremely vital elements you must have working in your life in increasing measure, for you to live the transcendent life that you've received in Christ.
What is grace? Grace means more than unmerited favor; it refers to the divine influence on the human spirit. It's the outworking or outward reflection of the beauty, power, perfection, excellence, virtue and glory of divinity in your human spirit. It's a supernatural endowment that causes you to flourish and excel in all you do.
Peace means amongst other beautiful things, power over crisis. It's translated from the Greek word "eirene," which is akin to the Hebrew word "shalom". It doesn't just refer to the peace of being safe from evil and destruction, but to that which brings rest and prosperity. When you have the peace of Jesus Christ, it means you have power over crisis, and are at rest in prosperity.
That's the kind of life Jesus had when He walked the earth: He was full of grace and truth, and was at rest and in control, every time, every day, everywhere and in all circumstances! Peter tells us that the way to having grace and peace multiplied in your life is through the knowledge of God and of Jesus our Lord. You don't have to pray, "Oh God, give me more grace," or "multiply my peace." You're to make it happen for yourself, by giving yourself to the acquisition and application of the precise, full and absolute knowledge (Epignosis-- Greek Translation) of God.
Too many people are suffering and struggling in life when they ought to be living in the transcendental blessings that have been made available to us in Christ Jesus. The reason they're suffering is because of ignorance. Get to know more of God; study the Word! Become acquainted with Him through fellowship and meditation on the Scriptures, and His grace and peace will be multiplied in your life.
The grace of God is evident and manifest in my life; I'm blessed and highly favored in all things. The peace of God that surpasses all understanding guards my heart. I have power over crisis and I'm at peace in prosperity! I'm on top, in charge and in control of circumstances, because Christ is in me, and He's my peace. Blessed be God!
Further Study: 2 Peter 1:5, 2 Peter 3:18, Romans 5:1