This is a very convoluted interpretation, which also presents a Christ Who would not give a straight answer to a heartfelt and vitally important question, "what do I need to do to be saved?". There is nothing in the context that suggests it; in fact, one of the gospels that relate the episode also mentions that Christ said all that to the young man "loving him", yet He allowed him to walk away.
Further, it is by far not an isolated passage exhorting men to good works, -- in fact, the gospels are filled with such.
Works, works, works. They will buy you nothing but heartache. The good works are reflection of something that has already happened to the individual they do not cause the change.
James 2:20-21 ...O foolish man, that faith without works is dead? Was not Abraham our father justified by works when he offered Isaac his son on the altar?
No he wasn't. He was already saved by Grace through faith. The willingness to sacrifice Isaac only showed his faith.
Hebrews 11:8 By Faith Abraham obeyed...
Rom. 4:2-4 For if Abraham was justified by works, he has something to boast about, but not before God. For what does Scripture say? Abraham believed God, and it was accounted to him for righteousness. Now to him who works, the wages are not counted as grace but as debt.