And let the peace of Christ rule in your hearts, to which indeed you were called in one body. And be thankful. Let the word of Christ dwell in you richly, teaching and admonishing one another in all wisdom, singing psalms and hymns and spiritual songs, with thankfulness in your hearts to God.  And whatever you do, in word or deed, do everything in the name of the Lord Jesus, giving thanks to God the Father through him. Colossians 3: 15 - 17 

The passage is much more than just what the Word of God does for us individually. As verse 15 tells us that the peace of God is to "rule of hearts  (plural)... not heart (singular). This is written to a church . We are to grow in God's word together . We were "called in ONE BODY" .  If it is good for all of us collectively, AND it's good for us singularly. 

Here's what  I mean: 

1) The Word planted in you ("let the word of Christ dwell in you richly") 

2) The Word taught to others (" teaching and admonishing ONE ANOTHER

    in all wisdom")

3) The Word sung back to God ("singing psalms, hymns, and spiritual songs, 

    with thankfulness in your hearts TO GOD.") 

4)  The Word directing all my response to life ("whatever you do, in word or deed, 

     do everything in the name of the Lord Jesus..." 

This is God's Word... Do you love it and live it? .. And does it live (dwell) in you?