Right on the money, but I don't understand vs 8.We are foreordained for good works and they are profitable but are not the basis of salvation. A wise man once said that faith is the prime product and works are the by product.
If we truly believe in Christ our hearts will be moved to good works. This scipture was given by God to keep these things in proper context:
Tit 3:4 But after that the kindness and love of God our Saviour toward man appeared,
Tit 3:5 Not by works of righteousness which we have done, but according to his mercy he saved us, by the washing of regeneration, and renewing of the Holy Ghost;
Tit 3:6 Which he shed on us abundantly through Jesus Christ our Saviour;
Tit 3:7 That being justified by his grace, we should be made heirs according to the hope of eternal life.
Tit 3:8 This is a faithful saying, and these things I will that thou affirm constantly, that they which have believed in God might be careful to maintain good works. These things are good and profitable unto men.