In plain words
This Bhāgavata: he went on setting it within humanness, along the right path. First of all, Bhakti is the foundation. As Bhakti grows step by step, it takes on the form of Jñāna. Only when this Jñāna ripens does Vairāgya come to us. In this Vairāgya alone can we understand the tattva. Only one who gains this Jñāna of the tattva can attain Mukti. That is why the secret of these five lies contained in the very sound of the word Bhāgavatamu. Bhā-ga-va-ta-mu. Five letters. These are the five elements; these are the five senses. These are the five kośas; these are the five prāṇas. The bond and kinship of these five prāṇas is divinity. Bhā: Bhakti. Ga: Jñāna; va: Vairāgya. Ta: tattva; mu: Mukti. That is what the Bhāgavata is. Mukti is the bond in which Bhakti, Jñāna, Vairāgya and tattva are joined together. So for every human being, without exception, Bhakti is most needful. This is the foundation. Students too are like the foundation of the building of life. Because you are brahmacārīs. On the foundation called the brahmacārī they build the walls called gṛhastha. On these walls called the householders stands the roof called vānaprastha. After this roof called vānaprastha is put on, we go on carrying on, within it, what is called … life. So students, the brahmacārīs, are like the foundation of the building of life. Where the foundation is not secure, the entire building falls down.
So, first of all, students must develop their qualities so that they are secure. Without character there will be no Śānti in our life at all. We were born in society. We grew up in society. In society itself we spend our lives. Without society there is no life for us at all. But unfortunately man today stops short at the level of "I and my family, I and my family." He does not travel as far as society. He travels only as far as his own family and stops there. If there were no society, where would your family be? If there were no society, where would you be? In society you are one individual. You give up that very society, take no account of society, and spend your life in selfishness and self-interest alone; that is why Śānti and happiness are going far from you. With devotees too, first of all, one's own work is what matters. Selfishness. Selfishness.