Cravings, lusts, and boasting are characteristics of those who love this world. They reflect a short-term perspective: the desire and intention to be satisfied and honored now (Luke 6:24-26). Calvin points out:
John, by way of explanation, inserted these three particulars as examples, that he might briefly show what are the pursuits and thoughts of people who live for the world; but whether it is a full and complete division does not matter much, though you will not find a worldly person in whom at least one of these lusts does not prevail.
Kruse assists us in defining these three deadly elements. He writes:
This definition involves three elements. The first of these is the cravings of sinful man (lit. 'the desire of the flesh' [he epithymia tes sarkos]). The word "desire" (epithelia) is found 38 times in the NT. In only three places does it have positive connotations (Luke 22:15; Phil 1:23; 1 Thess 2:17); in all the rest it has morally negative connotations, as it does in the present context, where the NIV translates it as 'cravings'. This is a general category, and the second and third elements of those things which comprise the world are subcategories. The second of them is the lust of his eyes (lit. 'the desire of the eyes'), that is, those sinful cravings which are activated by what people see, and lead to covetousness. Covetousness is one part of what makes up the 'cravings of sinful man' in this context. The third element is his pride in possessions (lit. 'pride of life', alazoneia tou biou). The word bios has a range of meanings, including 'life', 'livelihood', 'living', 'property', and 'possessions'. It is used in 1 John 3:17 clearly with the sense of property or possessions, and this is the predominant use of the word in the NT. To construe it here, then, as 'possessions', as the NIV does, not only makes good sense but is also in line with the only other use of the word in 1 John (see 1 John 3:17) and the predominant use in the NT. Being puffed up in pride because of one's material possessions is the second of those things which make up the 'cravings of sinful man' in this passage.
Thus, John contrasts those who love the Father and have a long-term perspective and wait for God's reward (Luke 6:20-23) with those who have a short-term perspective. See "Anyone does not have them - 2 Peter 1:9" below. See WCF 5.4; BC 13.
lust… arrogance. See
WCF 5.4; BC 13. The word lust (epithumia) occurs thirty-eight times in the NT, and almost always indicates desire leading to sin. This first worldly thing contains the next two. That is, the lust of the eyes and arrogance of life (or possessions) are both parts of the lust of the flesh. The lust of the eyes has to do with coveting that which belongs to others. The arrogance of life or possessions (see note on 3:17) is the other side of coveting, that is a sense of entitlement and self-importance that can result from a misuse of power and wealth. With these three things, John describes worldliness, which destroys love for and fellowship with God.