Hi learnermike,
This passage is a passage about salvation. Reading in context we see that Jesus is teaching that one must " hate," mother and father, wife and children, brothers and sisters to be His disciple. This word is better translated " prefer," although that is not a strong enough English word but you get the idea. If we do not love Jesus more than all of our family, we cannot be His disciple. If we try and follow Jesus without this sold out love to Jesus we would be like a man who began to build a house but ran out of money and the half finished house would stand as a reminder to all that this man did not have what it took to finish the house, he would be a laughing stock to the world.
Likewise, if you are a king and another king comes against you and has twice the troops, you are like the man who does not have the resources to finish the house, you will be defeated and humiliated if you go up against him. The half hearted man will suffer such humiliations. The rich young rulers who hold back will suffer such humiliations.
He will have all of your life or none of it. When a man is saved, it is because He has given his whole life to Jesus. He has lost his old life but gained eternal life. Now, when the Lord looks into the heart of a man and sees that the man is surrendering his whole life in repentence and death, then He justifies that man, and after justification comes sanctification. God will take what has freely been given. He will not take it all at once, there is a process, but the process can never begin in the man who has not laid down his whole life. And so, the possesions in the context of the passage has nothing to do with material possesions, but the possesions of the heart, which for some may be material, but that is only a small part of it..........brother Frank