'Rabbanaa aatinaa fid-dunyaa hasanatan wa fil-aakhirati hasanatan wa qinaa adhaaban-naar'.
"Our Lord, give unto us in this world that which is good and in the Hereafter that which is good, and protect us from the punishment of Fire." - (Surah 2, Al-Baqarah, Ayah 201)
This is a very well-known dua. If a Muslim knows any duas in Arabic, it is very probable that this is one of them. However, its message and significance escape many.
It is a unique feature of Islam that it strikes a perfect balance everywhere, including between this world and the hereafter. This world is important as is the hereafter; we will reap there what we sow here. We pray for both, and mention them in their natural chronological order. But what we are seeking , and here is the crucial difference - are not the goods of this world, but the good here and in the hereafter. Hasanah denotes every conceivable form of good morals, virtuous deeds, beneficial knowledge, honour and prestige, strength of faith, and sincerity in worship. Actually, everything in this world is good if it will lead, directly or indirectly, to the good in the hereafter. A Muslim informed by this dua will neither focus entirely on this world, seeking exclusively the comforts here, nor will he declare that he has nothing to do with it.
Prophet Muhammad (SAW) once visited a man who had been debilitated by sickness and asked him whether he had been making any supplication. He had. It was, "O Allah, whatever punishment you are going to give me in the hereafter, give it to me here." Prophet Muhammad (SAW) asked him why he had not made this dua instead. He did and was cured.
The Prophet (SAW) used lo make this dua very often (Muslim). He used to recite this dua between the Rukn-e-Yamaani and the Black Stone while making tawaaf [circumambulation of the Kabah] - (Abu Daawud). Whenever he shook hands with a person he did not leave his hand without making this dua - (Ibn as-Sunni). Imam Nawawi recommends this dua at the time of great difficulties or when facing major issues. It is also recommended after praying Salaat-ul-Haajah (a special salaat at the time of need).
Source: 'The Accepted Whispers' translation and commentary by Khalid Baig.