27 Then Peter answered and said to Him, “See, we have left all and followed You. Therefore what shall we have?”
28 So Jesus said to them, “Assuredly I say to you, that in the regeneration, when the Son of Man sits on the throne of His glory, you who have followed Me will also sit on twelve thrones, judging the twelve tribes of Israel.
29 And everyone who has left houses or brothers or sisters or father or mother or wife or children or lands, for My name’s sake, shall receive a hundredfold, and inherit eternal life.
30 But many who are first will be last, and the last first.
regeneration (v.28) — the Millennial kingdom, when Israel is brought back into God’s favor
The young man had just been told to sell all and follow Jesus. Peter then said, “We’ve done just that. What about us? What good did it do us?” The Lord’s response shows that the question was not out of line. He tells the apostles what their future will be. He then makes a promise to all who follow Him. But He also adds a warning (continued in the parable in Matthew 20:1-16) to those who think they will be rewarded for their own efforts or merit.