A Holy Nation?

America is referred to as a nation that has lost its’ spiritual moorings. God blessed America, but we are losing or have lost that blessing due to our turning away from Him. I believe this is true, but not irreversible.

God called a people to Himself and rescued them from Egypt. His desire was for them to be a people devoted to Him and God would be devoted to them.
Exodus 19:5-6
Now if you obey Me fully and keep My covenant, then out of all nations you will be My treasured possession. Although the whole earth is mine, 6 you will be for Me a kingdom of priests and a holy nation.’ These are the words you are to speak to the Israelites.”

Even though they said they would fully follow God, they did not live up to their commitment. But God lived up to His commitment to them. God expands this beyond the nation of Israel to include all those who follow and love Him.
1 Peter 1:9
But you are a chosen people, a royal priesthood, a holy nation, God’s special possession, that you may declare the praises of Him who called you out of darkness into His wonderful light.

If you are a devoted follower of Jesus, what does it mean to be chosen, royal, a holy nation and God’s possession?