In this verse, Peter makes a statement regarding our response to this reality. He states that we should rejoice in this. Is that the case? In this context, it is imperative to distinguish the word "rejoice" from the idea of only feeling positive emotions. This "rejoicing" is, therefore, less about feelings than it is about faith. There is less emphasis on maintaining a perfect emotional state and more emphasis on expressing gratitude for what God is doing in our lives at this time.
As Peter describes, we were born for glory; we were redeemed for glory, and we were preserved for glory. Furthermore, he reminds us that our sufferings in this temporary and passing life prepare us for our eternal reward. As God's elect, we should rejoice that we are set apart for Him and are being sanctified by His Spirit. Moreover, we should live our lives in obedience to our Lord Jesus Christ.
In spite of suffering and distress, our faith allows us to rejoice. Through Jesus Christ, we can rejoice in the midst of trials and losses because we have an unfailing hope for our eternal inheritance and glorious redemption of our bodies.

Dear Heavenly Father, through the resurrection of Jesus Christ, I have been born again and given a living hope. As your child, I sometimes wonder if I should experience fewer trials on earth. Nevertheless, I remembered that faith provides us with the ability to rejoice. In the midst of life's various trials, help me to rejoice in my future hope as I prepare to live in the glory of my heavenly home. Let me keep a heavenly perspective, knowing the mighty power of Your name will protect me. 
In Jesus's name I pray. Amen.