Warmest congratulations on entering the fold of Islam You are very fortunate that Allah عَزَّوَجَلَّ has blessed you with a great bounty i.e. Islam. And we make Du’a that may Allah عَزَّوَجَلَّ keep us steadfast in Islam till we die. Embracing Islam is a huge bounty. It is a great honour to be steadfast in Islam. And it is extremely important to die in the state of Islam. Hence, Allah عَزَّوَجَلَّ says:

And whomsoever Allah wills to guide, He opens his chest for Islam. [Kanz-ul-Iman (translation of Quran)] (Part 8, Surah Al-An`aam, Ayah 125)

And He عَزَّوَجَلَّ also says:

Indeed those who said, ‘Allah is our Lord,’ then remained firm (on it), upon them is neither fear nor do they grieve. They are the people of Paradise, they will abide in it forever; the reward of their deeds. [Kanz-ul-Iman (translation of Quran)] (Part 26, Surah Al-Ahqaaf, Ayah 13-14)

A glad tiding has been given to those who have the honour to embrace Islam as the final Prophet of Allah Muhammad Mustafa صَلَّى الـلّٰـهُ عَلَيْهِ وَاٰلِهٖ وَسَلَّم (i.e. May Allah’s ( عَزَّوَجَلَّ ) blessings be upon him) said, ‘Whoever testifies with sincerity of the heart that none has the right to be worshipped but Allah ( عَزَّوَجَلَّ ) and Muhammad صَلَّى الـلّٰـهُ عَلَيْهِ وَاٰلِهٖ وَسَلَّم is his bondman and Rasool, Allah ( عَزَّوَجَلَّ ) will make Hell Haraam upon him.’ (Bukhari, vol. 1, pp. 67, Hadees 128)
Islamic Scholars have said: It is also one of the meanings of this Hadees that whoever recites Kalimah, fulfils the rights of Kalimah along with it and performs the obligations (of Deen), will enter Paradise. (Sharh Muslim, vol. 1, pp. 219 - 220)

1.Islam wipes out all the previous sins. However, one has to fulfil the rights:

It is also a beauty of the religion of Islam that when somebody embraces Islam, the sins he committed in his previous life are forgiven, as a companion of the Holy Prophet صَلَّى الـلّٰـهُ عَلَيْهِ وَاٰلِهٖ وَسَلَّم Sayyiduna Amr Bin ‘Aas رَضِىَ اللهُ عَـنْهُ came to the court of the Holy Prophet صَلَّى الـلّٰـهُ عَلَيْهِ وَاٰلِهٖ وَسَلَّم to embrace Islam and humbly said by holding the hand of the Holy Prophet صَلَّى الـلّٰـهُ عَلَيْهِ وَاٰلِهٖ وَسَلَّم : I embrace Islam on the condition that I should be granted pardon. The Holy Prophet صَلَّى الـلّٰـهُ عَلَيْهِ وَاٰلِهٖ وَسَلَّم said: Are you not aware of that embracing Islam wipes out the previous sins? (Sahih Muslim, Kitab-ul-Iman, pp. 71, Hadees 321)
However, the dues of people incumbent upon the person who has embraced Islam and hasn’t fulfilled them yet are not forgiven. For example, after embracing Islam, one has to repay the loan he took out before Islam.

2.Islam is a bounty and a favour from Allah عَزَّوَجَلَّ Allah عَزَّوَجَلَّ said:

Today I have perfected for you your religion and completed My favour upon you, and have chosen for you Islam as your religion. [Kanz-ul-Iman (translation of Quran)] (Part 6, Surah Al-Ma’idah, Ayah 3)

And He عَزَّوَجَلَّ said at another place:

Indeed, the only (true) religion by Allah is Islam; [Kanz-ul-Iman (translation of Quran)] (Part 3, Surah Aal-e-Imran, Ayah 19)

Once, the Holy Prophet صَلَّى الـلّٰـهُ عَلَيْهِ وَاٰلِهٖ وَسَلَّم went out to the circle of his Companions and said: What has caused you to sit here? They said: We are sitting here in order to do Zikr of Allah عَزَّوَجَلَّ and to thank Him for He عَزَّوَجَلَّ blessed us with the guidance of Islam and He bestowed favours upon us through it. Thereupon he صَلَّى الـلّٰـهُ عَلَيْهِ وَاٰلِهٖ وَسَلَّم said: Jibraeel عَـلَيْـهِ الـسَّـلاَم (the Archangel who conveys the message of Allah عَزَّوَجَلَّ ) came to me and he informed me: Allah Almighty is proud of you before angels. (Sahih Muslim, Kitab-ul-Zikr Wa-al-Du’a, pp. 1111, Hadees 6857)
However, the dues of people incumbent upon the person who has embraced Islam and hasn’t fulfilled them yet are not forgiven. For example, after embracing Islam, one has to repay the loan he took out before Islam.

3.Who is successful?

Allah Almighty has said:
The people of Hell (disbelievers) and the people of Paradise (believers) are not equal; it is only the people of Paradise who are successful. [Kanz-ul-Iman (translation of Quran)] (Part 28, Al-Hashr, Ayah 20)

Allah عَزَّوَجَلَّ said at another place:
And whosoever obeys the command of Allah and His Messenger, and fears Allah, and observes piety; so it is these who are successful. [Kanz-ul-Iman (translation of Quran)] (Part 20, Al-Noor, Ayah 52)

The meaning of this verse is that those who act in obedience to Allah by offering His Faraid and to the Holy Prophet صَلَّى الـلّٰـهُ عَلَيْهِ وَاٰلِهٖ وَسَلَّم by following his Sunnah and fear Allah عَزَّوَجَلَّ for the disobedience they did in the past and adopt piety in their future life, only they are successful. (Sirat-ul-Jinaan, Surah Al-Noor, Taht-al-Ayah 52, vol. 6, pp. 655)

4.Humans have been created to obey Allah عَزَّوَجَلَّ

The real purpose of the creation of humans and their life is so they worship Allah عَزَّوَجَلَّ and obey His command. Allah عَزَّوَجَلَّ says:
And I have created Jinns and human beings, only for this that they should worship Me. [Kanz-ul-Iman (translation of Quran)] (Part 27, Surah Az-Zariyaat, Ayah 56)
Sayyiduna Abu Hurairah رَضِىَ اللّٰهُ عَـنْهُ narrated that the Holy Prophet صَلَّى الـلّٰـهُ عَلَيْهِ وَاٰلِهٖ وَسَلَّم has said: Allah عَزَّوَجَلَّ has said: ‘O son of Adam! Dedicate yourself to my worship, I will fill your chest with riches (i.e. contentment) and eliminate your poverty. And if you do not do so, then I will fill both your hands with preoccupation and not eliminate your poverty.’ (Sunan-e-Tirmizi, vol. 4, pp. 211, Hadees 2474)

5.A few kinds of worship have been made obligatory upon Muslims:

A few kinds of worship and some rights have been made obligatory upon a person embracing Islam. Whoever fulfils them with piety, Allah عَزَّوَجَلَّ has promised them Paradise. Allah عَزَّوَجَلَّ says:
Allah’s promise is with the pious believers; that for them is forgiveness and a great reward. [Kanz-ul-Iman (translation of Quran)] (Part 6, Surah Al-Ma’idah, Ayah 9)
Islam has granted the people who believe in it such a wonderful system of worship that it wipes out the faults and shortcomings of a person and makes him such a person of the society whom the country and nation feel proud of. The most important worship is Salah. There are many excellences and benefits of Salah. As on the authority of Sayyiduna Umar Farooq رَضِىَ اللهُ عَـنْهُ , it is stated that a person asked the Holy Prophet صَلَّى الـلّٰـهُ عَلَيْهِ وَاٰلِهٖ وَسَلَّم , ‘Ya Rasoolallah, what is the most beloved deed to Allah عَزَّوَجَلَّ in Islam? He replied, ‘Offering Salah at its time.’ (Shu’ab-ul-Iman, vol. 3, pp. 39, Hadees 2807)
The Holy Prophet صَلَّى الـلّٰـهُ عَلَيْهِ وَاٰلِهٖ وَسَلَّم said: The foremost thing a person will be held accountable for on the Day of Judgement is Salah. If it is found correct, then the rest of the deeds will also be considered correct. If not, then all the deeds will be ruined. (Mu’jam-ul-Awsat, vol. 1, pp. 504, Hadees 2059)