There was a certain rich man, which was clothed in purple and fine linen, and fared sumptuously every day: and there was a certain beggar named Lazarus, which was laid at his gate full of sores, and desiring to be fed with the crumbs which fell from the rich man's table: moreover the dogs came and licked his sores. And it came to pass, that the beggar died, and was carried by the angels into Abraham's bosom: the rich man also died, and was buried; and in hell he lift up his eyes, being in torments, and seeth Abraham afar off, and Lazarus in his bosom. And he cried and said, Father Abraham, have mercy on me, and send Lazarus, that he may dip the tip of his finger in water, and cool my tongue; for I am tormented in this flame. But Abraham said, Son, remember that thou in thy lifetime receivedst thy good things, and likewise Lazarus evil things: but now he is comforted, and thou art tormented. And beside all this, between us and you there is a great gulf fixed: so that they which would pass from hence to you cannot; neither can they pass to us, that would come from thence. Then he said, I pray thee therefore, father, that thou wouldest send him to my father's house: for I have five brethren; that he may testify unto them, lest they also come into this place of torment. Abraham saith unto him, They have Moses and the prophets; let them hear them. And he said, Nay, father Abraham: but if one went unto them from the dead, they will repent. And he said unto him, If they hear not Moses and the prophets, neither will they be persuaded, though one rose from the dead. Luke 16:19-31
We should note first of all that Jesus' illustration of the rich man and Lazarus may be much more than a parable, for it is told by Jesus as if it is a true and factual account. But, whether an actual historical event or a parable, we can still learn much from Jesus' telling of it.
The rich man is not identified by name but the poor beggar's name was Lazarus (from the Greek, but probably Eleazer in Hebrew), which means "God is help." Even though Lazarus was poor and full of sores, we know that he was a true believer in God, as his name indicates, because he was taken to heaven when he died.
Even though the rich man was greatly blessed by God in material things, he did not believe or listen to the Word of God (Moses and the Prophets) and repent of his selfish and sinful ways. This can be seen by the fact that there were no fruits of faith in his life in regard to poor Lazarus, who was laid at his gate, and also by the fact that his soul went to hell when he died.
In addition to teaching that one's soul goes either to heaven or to hell when he dies, Jesus warns against living one's life solely for the selfish enjoyment of the good things of this world. One's first concern should be to heed the Word of God and repent, turning away from sin and the selfish use of this world's goods to faith in Christ, who died to redeem us from sin and death and then rose again.
As a fruit of true repentance, we will then put to death our selfish and sinful desires and use the goods of this world to help those in need. We will not close our hearts to the poor and needy but will do all we can to help them.
One more important truth should also be learned. If one does not heed the Word of God during his lifetime, there is no other hope for repentance; for the Holy Ghost works through the Law to convince us of our sin and the punishment we deserve and through the Gospel to reveal our Savior and to give and assure to us forgiveness of sins and eternal salvation through faith in Christ Jesus.
If one, during his lifetime, refuses to turn from his sins to Christ Jesus, his Savior, there will be no more opportunity for repentance. His torment in hell will be forever!
But when one, by the grace of God, heeds the Word and repents, trusting in Christ for forgiveness and life, he is forgiven by God; and his soul, at the time of death, will be transported by angels to the bosom of Abraham.
O Jesus, who my debt didst pay and for my sin wast smitten, within the Book of Life, oh, may my name be also written! I will not doubt; I trust in Thee, from Satan Thou hast made me free and from all condemnation. Amen. -- The Lutheran Hymnal, Hymn 611, Verse 5
[Devotion by Randy Moll. Scripture is quoted from the King James Version of the Bible.]