In the early days, there was a compilation of certain Basic Hermetic Doctrines, passed on from teacher to student, which was known as "THE KYBALION," the exact significance and meaning of the term having been lost for several centuries. This teaching, however, is known to many to whom it has descended, from mouth to ear, on and on throughout the centuries. Its precepts have never been written down, or printed, so far as we know. It was merely a collection of maxims, axioms, and precepts, which were non-understandable to outsiders, but which were readily understood by students, after the axioms, maxims, and precepts had been explained and exemplified by the Hermetic Initiates to their Neophytes. These teachings really constituted the basic principles of "The Art of Hermetic Alchemy," which, contrary to the general belief, dealt in the mastery of Mental Forces, rather than Material Elements-the Transmutation of one kind of Mental Vibrations into others, instead of the changing of one kind of metal into another. The legends of the "Philosopher's Stone" which would turn base metal into Gold, was an allegory relating to Hermetic Philosophy, readily understood by all students of true Hermeticism. In this little book, of which this is the First Lesson, we invite our students to examine into the Hermetic Teachings, as set forth in THE KYBALION, and as explained by ourselves, humble students of the Teachings, who, while bearing the title of Initiates, are still students at the feet of HERMES, the Master. We herein give you many of the maxims, axioms and precepts of THE KYBALION, accompanied by explanations and illustrations which we deem likely to render the teachings more easily comprehended by the modern student, particularly as the original text is purposely veiled in obscure terms. The original maxims, axioms, and precepts of THE KYBALION are printed herein, in italics, the proper credit being given. Our own work is printed in the regular way, in the body of the work. We trust that the many students to whom we now offer this little work will derive as much benefit from the study of its pages as have the many who have gone on before, treading the same Path to Mastery throughout the centuries that have passed since the times of HERMES TRISMEGISTUS--the Master of Masters--the Great-Great. In the words of "THE KYBALION": "Where fall the footsteps of the Master, the ears of those ready for his Teaching open wide."--The Kybalion. "When the ears of the student are ready to hear, then cometh the lips to fill them with Wisdom."--The Kybalion.