Understand your obligations as a Muslim; Be mindful of your possessions; Be grateful for Allah's mercy and grace

This hadith explains that a Muslim man is exempt from paying zakat, which is a form of taxation, on his slave or horse. The Prophet Muhammad taught that this obligation does not apply to these two items and thus they are exempt from the payment of zakat. This hadith teaches us the importance of understanding our obligations and responsibilities as Muslims and how we should be mindful of them when it comes to our possessions. It also reminds us that Allah has given us certain exemptions in certain cases, so we should be grateful for His mercy and grace.