"Yea, and there shall be many which shall say: Eat, drink, and be merry, for tomorrow we die; and it shall be well with us. And there shall also be many which shall say: Eat, drink, and be merry; nevertheless, fear God—he will justify in committing a little sin; yea, lie a little, take the advantage of one because of his words, dig a pit for thy neighbor; there is no harm in this; and do all these things, for tomorrow we die; and if it so be that we are guilty, God will beat us with a few stripes, and at last we shall be saved in the kingdom of God. Yea, and there shall be many which shall teach after this manner, false and vain and foolish doctrines, and shall be puffed up in their hearts, and shall seek deep to hide their counsels from the Lord; and their works shall be in the dark."
Now to break that down a little better, it says that there will be people in this like who will tell us that we can do whatever we want and we wont be punished for that.
But I can tell you, that just as if we break a law of our country, we will be punished,
also if we break a commandment of God we will also receive a punishment.
To further illustrate this point here is a Mormon Message that was shared in the last general conference of the church.
Just as this couple made an incorrect decision and had drifted away from safety is how we are if we commit sin following these teachings of men.
Just as this father thought he was stronger than the current and could make it to the sand bar, are we puffed up in pride when we disobey commandments of God.
Just as the video warns we need to make wise decisions, especially when it comes to following the promptings of the Holy Ghost to help us better understand the reasons why things happen.