This has been a heavy subject on my heart for over 10 years. I recently came across a Q&A format video from Sid Roth that addressed virtually all of this debate in some of the most candid, well-articulated dialogue I have yet seen.
Before I share that link, allow me to share some insightful commentary from the Evidence Bible on Matthew 19:
"Here is the Master Evangelist showing us how to deal with a proud, self-righteous person...a typical sinner. This is noticeably different from the approach of modern evangelism. When the man asked how he could obtain eternal life, Jesus did not ask, 'Would you like to have assurance that if you died tonight you would go straight to heaven? You can have that confidence right now simply by acknowledging that you have sinned against God, and by trusting in the finished work of Calvary's cross. Would you like me to lead you in prayer right now so that you can have that assurance?'
Instead, Jesus pointed him to the law so that he could recognize his sin. Biblical evangelism is always 'law to the proud, grace to the humble.' John Newton said, 'My grand point in preaching is to break the hard heart and to heal the broken one.'
This young man is a prime example of an unregenerate person. He had no understanding of the word "good." Jesus reproved him, then gently gave him five horizontal Commandments--those dealing with his fellow man. When the man revealed his self-righteousness, Jesus showed him that in his vertical relationship with God he had transgressed the of first of the Ten Commandments. God wasn't foremost in his life. The rich young man loved his money, and the Scriptures make it clear that we cannot serve God and mammon (money). The law brought him "the knowledge of sin."
In light of the way most Christians share the gospel, Jesus failed because He didn't get a "decision." However, heaven doesn't rejoice over "decisions." It reserves its rejoicing for repentance, and there can be no repentance without a God-given knowledge of sin, and that, according to Scripture, can come only by the law (Romans 7:7).
False Grace - A Doctrine of Demons (1 Timothy 4:1; 2 Timothy 3)
The author of Amazing Grace had it right. "A wrong understanding of the harmony between Law and Grace would produce error on the left and the right hand" (John Newton).
