The prophet said: Verily Allah said to the world, tire and wear out the one who serves you, and serve the one who rejects you. (Amali al saduq, page 230 #9)
Does this mean that we shouldn't work hard to achieve anything in this life? What is the meaning of this hadith?

We should work hard in this dunya with the niyyat of pleasing Allah then it would be ibadat.