I love this passage when describing faith and I would love to see what you all can add to this dialog. Notice that there is an assurance/being sure/substance that has to do with faith, but this is not as easy as it sounds because it is based on things that are hoped for and that you do not have in your possession. Maybe that is why I love the KJV it shows the ambiguity of this part of the verse --- faith is substance, but it is substance of what is not substance. Okay, follow me here. Imagine you are 5 years old and you are hoping to get a new bicycle for your birthday. Faith is being assured you are going to get that bicycle, even though you don't have the bicycle. I think that is how you parallel that part of the verse with a 5 year old.
Things to notice: there is a time element to faith.
There is an anticipation.
There is an assurance that comes from someone other than us.
And it is a faith in something yet to come.
The last part of the verse goes like this, it is an evidence/conviction/certainty or things not seen. Kind of like the 5 year old anticipating the bicycle. She has been assured she is getting a bicycle, therefore that is her evidence/conviction/certainty, even though she cannot see the bicycle.
Okay, that was my best analogy that I could come up with for that particular verse. What do you all think?
Also, what is the "something" that is yet to come that we have faith in? [hint-read Hebrews chapter 11]