The Fear of God (Two Ways)

Job 28:28

To man he said, ‘Behold, the fear of the Lord, that is wisdom. To depart from evil is understanding.’”

The bible speaks of fearing God in two ways. It's the exact same word used in both cases but the meanings are different based on the contexts. It depends on who is being referred to and what is that person's standing with God at the time (either being obedient or disobedient).

Matthew 10:28

And do not fear them who kill the body, but are not able to kill the soul: but rather 👉 fear him who is able to destroy both soul and body in Gehenna.

That is the fear you should always have (2nd part of the verse),  not the fear of man (1st part of the verse). You should have this fear of God not because you think Jesus could return for you any minute and then get you thrown into the lake of fire. But because (hopefully), you understand the way that you should be walking with God — in obedience to Him, which shows your love for Him (John 14:15). So, you are walking that way precisely and your heart does not condemn you (1 John 3:20-21). You are not double-minded (James 4:8), following the crowd and confused about which road you're walking on. Whether you are asleep or awake, you are ready for Jesus' return. You are remaining in his love (John 15:9-10; Hebrews 12:28; 2 Corinthians 7:1).

1 John 4:18

There is no fear in love; but perfect love casts out fear: because fear has to do with punishment. He that fears is not made perfect in love.

Here John is speaking to people who are actually born again in this part of his letter (1 John 5:13). And here that fear is the one you should have whenever you have purposed to go outside of the will of God (sin willfully). God never gave you a pass to sin after He has saved you/set you free from sin on the merit of Jesus' precious blood that was shed for the forgiveness of sins (cf. John 8:11). So, you should be diligent to make things right with God if you are his servant and have sinned. But you should not be having that fear if you are walking in perfect love/obedience to God. If you are abiding in that love, you cannot sin presumptuously (John 15:9-10, 1 John 3:6, 9).

In summary:

The first fear is wisdom and you should always have it. It is akin to reverence (cf. Hebrews 12:28) and it is a deterrent that will keep you from thinking sinning is a joke or that just going and having some sinful pleasure occasionally is alright (that's like cheating occasionally on your spouse). And can we even speak of having a true relationship based on love and trust then? That fear keeps you from trouble. It should be in you to check you but it's love that should lead you (not fear that should "drive" you or direct your daily conduct). And the second fear is one to have because you have already crossed the line and are actually in trouble because you have disobeyed God. So, you should fear the punishment if you don't have it in your mind to make things right with God right away (because they aren't). If you have sinned presumptuously, you have disregarded the power God has given you to walk in his ways and keep yourself from sin. That power is his grace (Titus 2:11-14). It's an insult to God's Spirit of grace to sin willfully after having come to the knowledge of the truth - Jesus (Hebrews 10:26-27).

We can consider a final illustration of the two:

1) A worker who never takes breaks longer than what he is expected to. 
He is doing what is right, so, he is not terrified about being caught or fired for taking long breaks. But you can say he has a fear of his boss and, by implication, a fear of doing what his boss would not be finding acceptable (while other people may care less). It can be said otherwise that he respects his boss, his workplace, his job and himself, too. He is working "as unto the Lord" (Colossians 3:23-24); there is no terror in him about doing that because he is remaining committed to doing what is right.

2) A worker comes to her workplace early and sprays graffiti all over the place in her boss' office, then goes to sit at her desk. 
Did anyone see her go in? Were any cameras running? Will the police show up? These are questions that can keep running in her head while she still has not been caught or suffered any consequences for her actions. But she knows that what she did was wrong and her time may be running out. If caught, she knows she would have no excuse; so, she fears the punishment she may get.

In both cases then, one who fears God is in a better place than one who does not fear Him and does evil (sins) and does not care. That is foolishness, not wisdom. A person may find forgiveness from God for coming clean with Him and desiring to mend the relationship, but He looks at the heart and can't be fooled. There is nothing hidden to people that will not be revealed (Luke 8:17), and there is nothing that is hidden from God who "will pay back to everyone according to their works" (Romans 2:6-8; Hebrews 4:12-13).

And when it is too late for anyone to repent and get right with God, the Bible says this:

Revelation 22:11-12

11 He who acts unjustly, let him act unjustly still. He who is filthy, let him be filthy still. He who is righteous, let him do righteousness still. He who is holy, let him be holy still.” 12 “Look, I am coming quickly. My reward is with me, to repay to each man according to his work.


See also:
Freedom From Sin

Call To Repentance