"So how, exactly, am I supposed to live up to God's standards?"

Well, the standard is simple enough--perfection. But the trouble is, you can't live up to it. It's impossible. Try as hard as you can, you're still not going to be "good enough" to attain the perfect standard. So "degrees" of goodness (or eternal reward) aren't even part of the equation. It's yes or no. Pass or fail. Perfect or imperfect.

There is no one who does good, not even one. (Romans 3:12)

Therefore no one will be declared righteous in his sight by observing the law. (Romans 3:20)

All of us have become like one who is unclean, and all our righteous acts are like filthy rags.  (Isaiah 64:6)

No one is good, except God alone.  (Mark 10:18)

 "So exactly how is this 'Good News'?"