He acknowledges that we do not yet see our Savior. We do not yet have our promised inheritance. In fact, we are suffering grief in all kinds of trials. But yet we can rejoice. We rejoice in the salvation we are already receiving through faith.
Faith involves our minds, our hearts and our wills.
It means that we understand and accept certain things about God. It means that we respond emotionally to these things, such as with love because we understand he loves us, and with joy because we understand that he is giving us so much, and with trust because we understand and believe his promises for our eternal salvation. And when our understanding and our emotions are in agreement, then our wills are also. The decisions we make throughout each day are pleasing to God because he has brought us to the point that we want to do his will. But we do not yet have the promised inheritance.