Why was the "young man" not willing to part with his possessions (the lies) for the truth?

He was looking for some ritualistic requirement of the Law. He forgot the Lord requires the whole soul and that they need to love and serve him.. Today we see the same principle when people declare they were "saved" and rattle off a certain date, and that is all that is needed. They miss, as this young man, the real part of the gospel that requires us to keep the commandments AND serve and better ourselves.