A literal, word-by-word translation captures its feeling better than what most Biblical verses do here. The most recent versions replace "settle your hearts" with "make up your mind" but both are different than the sense of "prepare your hearts", which is much closer to the original. The verse also contains a unique word and another word only used in a similar verse in Luke.

The Greek word translated as "settle" is translated from a Greek word that means primarily "to put," and "to place," but which has many related meanings as well. The one that works best here is "prepare". This verb is in a form  of a command. The word doesn't mean putting yourself as ease as much as it does working toward something.

There is no "it" in the Greek.

The Greek word translated as "therefore" either emphasizes the truth of something ("certainly", "really") or it simply continues an existing narrative. Jesus uses it often to add a little lightness to his statements.

The word translated as "in" also means "within", "with," or "among."

The word translated as "your" is plural addressing a group of Jesus's listeners.  It comes after the "hearts" so the sense is "those hearts of yours", which is intentional since it can come before the word as well.

"Heart" is the Greek word that means "heart" both the physical organ and as the seat of emotions, which we discuss in a larger Greek context in this article here. The article explains the difference between how Jesus uses "heart" as opposed to "mind".

The negative used here is the Greek negative of a subjective opinion, commands, and requests. The sense is that "you don't want" to do something, not that it isn't done or don't think something that might be true. If it wasn't done or wasn't true, the objective negative of fact would be used. This is the negative used with commands.

"To meditate" is a unique verb used only by Jesus here in the Gospels. It means to "practice beforehand" and "acquire a habit of". The primary meaning is clearly the sense here.

The Greek word translated as "ye shall answer" is only used in Christ's words in this verse and the next. It means to "speak in defense", "defend oneself", and  "speak in support of". This word is used only earlier in Luke in a very similar verse.