First, let me say that there are many approaches to interpreting and understanding scripture. I can't say that one method is better than another, except that taking scripture out of context is never in our best interest. Often, the best method is a combination.
A good place to start with a given passage (not just a couple of verses, but a chapter or a subheading of a chapter) and ask some simple questions.
1. Who is involved here?
2. What is happening?
3. When is this happening?
4. Where in the world is this happening?
5. Why is this happening?
6. How does this apply/ affect/ parallel my life?
So, who?
I think who is a good place to begin studying a passage because it gives us names to associate everything else with. The list of characters may not just be the obvious ones though. Even when King David is lamenting to God, there are more than the two of them in the scene. There are also the people that David is praying for and those whom he is praying against. We can't rule them out as unimportant either, because they provide the reasoning for his prayers. In many books of the Bible, the author is also a character to be considered.
What happened?
Next, we need to sort out what happened. What did the main character do? What did the other characters do? Who is initiating the action? Who is responding? Is this a letter from Paul to the church in Thessalonica? What motivated the author to record this information?
When makes a difference.
The Bible wasn't all written at the same time. It was written in three languages over the course of approximately 2500 years. Over that many years, leadership changed, people and countries changed power, and whole groups of people were killed. Also, consider whether the passage is found in the Old or New Testament. This makes a big difference, as it raises the question of whether the characters are anticipating the arrival of the Messiah or if they know that He has come and are following after Jesus and His disciples.
Now where was that?
A lot depends on the physical location of where the people are from and the culture they lived in. This information can tell you a lot about what their social, political, religious, and economic norms were. Physical geography can also explain why it was difficult to travel.
Why did this happen?
As you start to look over your notes about everything that happened in this passage, you may start to see patterns and draw conclusions. Especially if you study several consecutive passages, you will see a progression in the story. Some sections, like those in Numbers and 1 & 2 Chronicles, will really become more relevant as you assemble the genealogies and see where people groups moved,and split. These separations will often highlight cultural shifts and changes.
How about us?
Now that we have begun to wrap our minds around what is contained in scripture, it is time to tie it in with our lives. Looking at the conclusions we have drawn, is there anything that sounds eerily familiar? Perhaps something currently happening in your own life or something in the world outside your front door? Now, what parallels do you see - opportunities to take this newfound knowledge and apply it to your life, to help others, to guide you as you grow in your faith.
As you get more comfortable with taking scripture apart to find deeper understanding, you can expand your reading. Good references include Biblical dictionaries, concordances, interlinear Bibles, and books that can expand your knowledge of the time and place where the passage you are studying. I won't advise against using Biblical commentaries, because they can provide direction when we are struggling to understand. Always remember that the important book in our study is the Bible and that while other books can benefit our study, they are just tools to help us in learning to understand.
I like that. Lately, I have been using S.O.A.P. - Scripture, Observation, Application, Prayer
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