Verses 1-2 says that women should be submissive to their husbands. This may sound familiar, because Paul writes about it as well. Back in those days, and even in places around the world today, women are more or less property. However, in those days, it wasn't uncommon for the wife to be a Christian and her husband not to be one. So Peter is encouraging the women to be submissive to their husbands in hopes that they can win their husband over to the Lord through their deeds and not just their words.
Verses 3-4 advises the women to focus more on their inner beauty. It is not a call for women to give up all nice things like makeup, jewelry, or clothes. Sorry, husbands. Your wallet will still be hurting, and you can't say but Peter said you should dress in a potato sack! Inner beauty means the soul. Peter is tell the women whom he is writing to, to focus on treasures not of this earth and shine their soul up.
In verses 5-6, we see Peter use Sarah as the example of subordination. If you look back in Genesis, Sarah addressed Abraham as lord, so she was subordinate. However, her subordination wasn't that of a slave with no say in anything. Sarah didn't mind speaking her mind/opinions, and she got her own way on various occasions...sometimes to the detriment of her and Abraham. The primary example of this is
Lastly, verse 7 Peter addresses the husbands. Don't think we're getting off easy just because we only have 1 verse addressed to us. Men are required to treat our wives as equals, even though back then, they were not in equal social standing or physical strength as men. Blessed Pope John Paul II wrote an Apostolic Letter addressing The Dignity and the Vocation of Women.
One last note for deference in regards to wives deferring to their husbands. If we look through the New Testament, Jesus deferred to God the Father all the time even though both of them are equal. So, there's nothing wrong with a little deference, as long as the person you are deferring to is doing something morally right. Never defer to evil.
This Sunday the wife and I will be attending our twice a month Bible Study on the book of Revelation (not Revelations). So look for my notes on Chapter 1 on October 7th. Thanks for reading!