1 Peter 4:1-2  Therefore, since Christ suffered for us in the flesh, arm yourselves also with the same mind, for he who has suffered in the flesh has ceased from sin,  that he no longer should live the rest of his time in the flesh for the lusts of men, but for the will of God. 
 
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In reference to these 2 verses, Pastor John MacArthur gives the following commentary...
 
Therefore
In light of the triumphant suffering and death of Christ, Peter's readers should also be willing to suffer in the flesh, knowing that it potentially produces the greatest triumph.
 
Suffered for us in the flesh
A reference to Christ's death on the cross
 
The same mind
The Christian should be armed (terminology that realizes a battle) with the same thought that was minifest in the suffering of Christ, namely that one can be triumphant in suffering, even the suffering of death.  In other words, the Christian should voluntarily accept the potential of death as a part of the Christian life (matthew 10:28-39 and 2 Corinthians 4:8-11).  Peter would have his opportunity to live this principle himself, when he faced martyrdom.
 
Has ceased from sin
The perfect tense of the verb emphasizes a permanent eternal condtion free from sin.  The worst that can happen to a believer suffering unjustly is death, and that is the best that can happen because death means the complete and final end of all sins.  If the Chrstian is armed with the goal of being delivered from sin, and that goal is achieved through his death, the threat and experience of death is precious (Romans 7:5,18 and 1 Corithinas 1:21, 15:42, 49).  Moreover, the greatest weapon that the enemy has against the Christian, the threat of death, is not effective.
 
No longer should live...  for the lust of men
If the goal of the Christian's life is freedom from sin which comes at death, then he should live the remainder of his life on earth pursuing the holy will of God rather than the ungodly lusts of the flesh.