1. STUDY THE SCRIPTURE.
That the Scriptures (the Bible) is given to "us" all to understand God's message. It is not of any private interpretation for scholars only. The Word of God is simple enough for a child to understand it yet deep enough to spend a lifetime of study in it and barely get started.
It is an insult to the Holy Spirit to assume that you cannot understand the Word without the help of an expert. Experts are good helpers when we get stuck or confused but let them be the last resource we consult. An inductive study requires "you" to dig out the riches of God's holy Word. Don't let laziness or insecurity rob you of the privilege to be taught by God. Paul called it "comparing Spiritual things with Spiritual."
2. READ THE CONTEXT.
The "context" means all the verses that surround the key verse of study. It usually involves a full chapter or more to get the full view of what was being said. Studying the context is like climbing a high hill to get a full view of the countryside. An excellent principle for using in Biblical study ought to be memorized by every Bible student.
"When the first sense, makes good sense then seek no other sense."
3. IDENTIFY WORDS THAT NEED CLARIFYING.
They may be words you don't know (like 'jot and tittle'), or words you know well but may need further insight to understand the passage clearly. Especially identify the VERBS, that is, the words showing any action, or state of being.
4. LOOK UP THE WORDS (one at a time) IN A CONCORDANCE.
The concordance is helpful because it will show you what was the original intended meaning of the Greek word. It will also include a listing of ALL other Scriptures that used that same Greek word.
5. READ THE CONTEXT OF ALL THE OTHER PASSAGES THAT USED THAT WORD.
This is very important since it can shed light on the New Testament author's use of the word. Don't be in a hurry and skip this process or you will gip yourself out of greater knowledge and familiarity with the WHOLE Word of God.
6. FIND SYNONYMS AND RELATED WORDS ELSEWHERE.
You may use the Index in the back of Young's Concordance to see what other English words were used to translate that word. Search them through the concordance in the same way. Other translations help.
7. CHECK YOUR FINDINGS WITH VINE'S WORD STUDY OR A COMMENTARY.
It is very satisfying to have done your homework diligently and then find that the "expert" really doesn't know any more than you discovered using good Biblical study habits.
8. DRAW YOUR CONCLUSIONS and DEDUCTIONS FROM THE WORD'S USEAGE.
No study is complete without an application. What is the bottomline of your study? Answer the
question "So what?" How is your life better for knowing the meaning of this word?