This verse would be better translated “Since you have been raised with Christ.” Paul is pointing out to us that God has elevated us to a higher place. He has raised us up where Christ is seated at the right hand of God. Paul is urging us to stop paying so much attention to the things of this world and start spending more time focused on heavenly things. We are to seek the things that are above where Christ is. The things that are above are eternal. The things in this world are temporal.

I like the way M.S.Lowndes explained the essence of this verse.

“We should be focused on, and tending to things of eternal value. Nothing else matters. We can’t take anything with us. To be pursuing things of earthly value and importance, robs us of what really matters. We still remain discontented because it will never satisfy. Only what has eternal value will ever satisfy.
Pursuing the riches of heaven above satisfies our souls like nothing else does.”
© By M.S.Lowndes