In plain words
Be he one who has gathered up all the śāstras and Purāṇas, a sage who knows what Vedānta teaches; in lovely mansions brimming with pleasure be he a moon among kings who delights there; be he one who has routed his foes on the battlefield and shines as the one hero of the world; who lives on the mercy of the goddess of poverty, be he a servant, lord of ill fortune: without virtue he is of no use at all.
When we lack such virtue, what is our learning for? What is our wealth for? What is our life for? We must pour out all we have and earn virtue. We must develop this itself as our chief saṅkalpa. Only then do we become ones who have conquered everything. We must hold the senses in check.
We must put learning into practice and live as an ideal for others
Prahlāda was a little boy. That little boy says to Hiraṇyakaśipu, a mighty demon: ‘Father! You conquered all the worlds in an instant; the host of the senses and the citta you cannot conquer.’ What use is conquering so much? What use is it for one who cannot conquer the senses to conquer any number of kingdoms? He searched the ocean, he dug up the whole earth and searched it, he tried to search out divinity everywhere: a man of every power. Even such a Hiraṇyakaśipu could not conquer the senses. The reason: ‘Paśyatīti paśuḥ.’ He set his whole sight on this Prakṛti alone. He developed only his outer sight. To inner sight he gave not the least thought.