What does ye shall seek the truth and the truth shall set ye free mean?

It means the knowledge of God. Yeshua (Christ) was trying to tell us to seek out the truth in the Father and the truth in him. the truth being his Word. What is truth? that is a question asked by everyone, the answer is the truth is the "Word". You will know the Word, for when you hear it, it wll change you.

Gods Word, our Fathers Word. Unlike the hearts of men, his Word endures.

I think the hidden part of your question though is how does this truth affect you in todays world. All I can do is give my personal account of the truth in Christ. I was the same as most, I had the girls, I had the money, I had the gadgets, the games consoles, I even think at one point I thought I had it all. My journey to seeking the truth is too long to relay to you but know this, when I discovered the truth everything I thought I loved turned to lies. No not family, still love them, no not my partner, I still love her but the material things I really thought brought me happiness, were bringing me happiness for all the wrong reasons, now I would rather give those things away or give to the poor rather than keep for myself and the best part of it, it feels completely natural. If you knew me before you would understand the lifestyle change that has happened, when you find the truth the holy spirit will be there, then all will be revealed. I hope this helps in some way, other advice is to not just read your bible but also, scour the internet for videos on the subject, there is so much evidence out there if you need it, if you want it you are halfway to the truth already. My final thought is this. Love thy God with all thy heart, all thy mind, all thy spirit and all thy strength, love your neighbour as you love yourself, keep his commandments, Yeshua Mashiach.