All that need be said about Holy Scripture was said by Christ to the Pharisees in John 5:39,40
"You study the Scriptures diligently, because you think that in them you have eternal life; but it is these that bear witness of Me; and you are unwilling to come to Me, that you may have life."
Jesus' point was, "The Scriptures testify of Me but The Scriptures do not give life, it is I who gives Life." In much the same way, people today may have a Bible somewhere in the house. Does that Bible sitting there make them holier people? Obviously not. Neither does memorizing tracts of scripture nor learning Greek and reading it in the original language in which it was written.
All of us; the ones to whom Jesus spoke in the first century as well as those He speaks to today, must come to Him to have life. We must obey Jesus to be saved. The Pharasees knew what the Scriptures said but they did not allow it to 'live' in them and affect their behaviour. If they had, they would have received Jesus with joy. They would argue, "We receive Moses, but we reject you!" and to that Jesus countered, "Do not think that I will accuse you before the Father; the one who accuses you is Moses, in whom you have set your hope. For if you believed Moses, you would believe Me; for he wrote of Me. But if you do not believe his writings, how will you believe My words?" (John 5:45-47).
Reading the Scriptures correctly means believing and applying what they say. That is what it meant then, and that is what it means now in the 21st century. The Bible must be applied in the way God intended and when it is, a person will obey the Gospel of Christ and live his or her life according to His teachings. Knowing the Scriptures is necessary, but of little use unless applied to one's life. Only then will the Giver of Life by grace bestow the hope of eternal life on the obedient.
"And having been made perfect, He became to all those who obey Him the source of eternal salvation," (Hebrews 5:9).