Theory:

   In this extract, the rich Sindbad describes his first voyage to the poor Sindbad (porter).
 
  My father was a rich merchant. When he died, I was still young. He left behind a big wealth. However, I was an inexperienced thoughtless youth and spent all his wealth foolishly.
Explanation:
 
Once there lived a poor porter named Sindbad. The poor porter used to carry luggage or things from the ship for his livelihood. He worked hard to make money. Being a porter, he was unable to earn much money. The porter blamed himself for being a poor person. One day, the porter met a wealthy sailor named Sindbad, the hero of the story. While speaking with the poor porter, the sailor understood the porter's situation and started narrating his voyages to him. The purpose of telling his story to the poor porter was to make him recognise there is hope for him and he explained to the poor porter how he lost his wealth and regained it with good luck and fortune. Through his stories, Sindbad, the sailor, tried to tell the porter that he can also earn his wealth through his luck and good fortunes. Sindbad, the sailor, made seven voyages. Among them, our prescribed story was Sindbad's first voyage.
 
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Sindbad, the poor porter
 
The sailor started narrating his first voyage to the poor porter. Sindbad's father was a wealthy businessman. His father earned a lot of money for the welfare of Sindbad, the sailor.
 
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Sindbad's father, a rich man
 
But fate played a vital role in his life. Sindbad's father passed away when he was young. His father had left immense wealth for Sindbad. After his father's death, Sindbad took care of his business. The sailor led a luxurious life with his father's money. Due to his immaturity, the sailor spent his money lavishly, and he never bothered what would happen if there was no money. After wasting all the wealth, the sailor became a poor person.
 
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Sindbad, the sailor, became poor
 
Meanings of the difficult words:
 
S.No
Words
Meanings
1
ImmaturityBehaviour that is appropriate to someone younger
2
LavishlySpending money without any boundary
3
ImmenseExtremely large or great, especially in scale or degree
4
LivelihoodThe money people need to pay for food, a place to live, and clothing
5
LuxuriousExtremely comfortable or elegant, especially when involving great expense
6
PorterA person employed to carry luggage and other loads, especially in a ship, airport, hotel, and railway station
7
WelfareThe health, happiness, and fortunes of a person or group
Reference:
State Council of Educational Research and Training (2019). Term-1 English Standard-7. Sindbad-My First Voyage (pp. 97-104). Published by the Tamil Nadu Textbook and Educational Services Corporation.