Maitreya Bodhisattva is also known as the Bodhisattva of the Compassionate Clan. His other name is Ajita, which means "invincible." Maitreya means "compassionate clan." Limitless kalpas ago, this Bodhisattva left the home-life under the Buddha named Light of Sun, Moon, and Lamp. He left the home-life, but was always looking for opportunities to exploit situations. He often visited the homes of wealthy Dharma-protectors to socialize and get on good terms with them. Although he should have
become a Buddha before Shakyamuni Buddha did, he spent so much time socializing with wealthy families that his cultivation suffered. As a result, he will achieve Buddhahood later than Shakyamuni Buddha.

Therefore, we should realize that no matter who we are, we must cultivate seriously and honestly. If we are the slightest bit untrue in our cultivation, our future will be ruined. Since Maitreya Bodhisattva paid attention to externals and failed to cultivate, since he neglected inner sageliness and just wanted to socialize with people, he delayed his own Buddhahood. Later, however, he cultivated the samadhi (concentration) of mind and consciousness only. He contemplated the emptiness of all dharmas. He said,

The Three Realms are created by mind alone.
The myriad dharmas are nothing but manifestations of consciousness.

When he had attained considerable skill in the samadhi of mind and consciousness only, he received a prediction from a Buddha that he would be the next Buddha, the honored Maitreya Buddha. In the tenth small kalpa of the Worthy Kalpa, during the decreasing kalpa when the average human life span decreases to 84,000 years, he will be born into this world, where he will attain Buddhahood. He will expound the Dharma for only one day and night in the threefold Dragon Flower Dharma Assembly, saving all the beings he is supposed to save. He will be the fifth Buddha and teaching host of Buddhism in the Saha world.

This Bodhisattva often roams playfully in the world. During the Latter Liang Dynasty of the Five Dynasties Period, he manifested as the Venerable Budai (the "cloth sack" monk), who said, "Setting down the cloth sack, how carefree one is!" This Bodhisattva often wanders in the world having fun, constantly full of joy. He doesn't ever get vexed, no matter how people might mistreat him. He's always laughing in his jovial manner. There's a matched couplet about Maitreya Bodhisattva that says:

His big belly can contain all the unbearable things under heaven.
His wide-open mouth laughs at all the laughable people in the world.

His belly is so vast that it can take all the things in the world that are hard to endure. Whenever he opens his mouth, he laughs at the comical people of the world. Because he often attains the samadhi of joy in his practice of patience, he is in a constant state of happiness. There is another verse that describes him well.

The old fool wears a tattered robe, And fills his belly with plain food. He mends the rags to keep his body warm,And lets the myriad affairs just take their course. Should someone scold the Old Fool, The Old Fool just says, "Fine."
Should someone strike the Old Fool,He just lies down to sleep. "Spit right in my face," he says, "And I'll just let it dry. That way I save energy. And you don't get afflicted.

This kind of paramita Is the jewel in the wonderful. Now that you know this news, How can you worry about not attaining the Way. The "old fool" refers to a stupid old man. He wears "tattered robes" that have been patched over and over again. The food he eats is bland and tasteless, unseasoned by oil or salt. But it's enough for him, because it makes him full. He mends the holes in his clothes so that they keep out the chill. No matter what happens, he accords with the conditions. As the saying goes, "Let old karma run its course, and take care not to create new offenses." He lets things take their natural course.

If someone should scold the old fool, he says, "Right, you're absolutely right! Please scold me some more." Ordinary people can't take a scolding, but he just encourages people to scold him. His attitude is, "The more you scold, the better." Their rebukes are music to his ears. He thinks they are singing songs for him, so he says, "Ah! How wonderful!"

If someone strikes him, he lies down and goes to sleep, letting them beat him as they please. He doesn't lose his temper. If someone spits on his face, he simply lets it dry by itself, without bothering to wipe it off. Since he doesn't fight back, the other person cools off, too. This kind of paramita--method for reaching the other shore--is a treasure among wonders. Once you know this news, how can you fail to attain the Way?

A verse in praise says:
The mind gives rise to all things;
All things are created from mind alone.
With no afflictions or worries,
He is perpetually laughing.
In the samadhi of happiness,
He brings forth people's good roots.
Since he never forgets to have fun,
Spring returns to the Dharma Realm.

Commentary:
The mind gives rise to all things; All things are created from mind alone. He understands that the mind brings about all things, and that all things do not go beyond the mind. Everything is within our own mind. When the mind comes into being, everything comes forth; when the mind ceases to be, everything else ceases as well.
With no afflictions or worries, He is perpetually laughing. He never gets vexed or annoyed. He's always got a big grin on his face.
In the samadhi of happiness, He brings forth people's good roots. With the "happy samadhi," he causes people to plant good roots. Probably he made a vow that anyone who set eyes on him would be inspired to bring forth the Bodhi resolve.
Since he never forgets to have fun, Spring returns to the Dharma Realm. He likes to play with children and teach them. That's why his light shines universally throughout space and the Dharma Realm.

Another verse says:
If you ask me what I'm laughing about,
First let me ask you what you're crying for.
Neither crying nor laughing are the Middle Way.
Why get attached to either side?
In a single gulp, swallow your worries and grief.
With two eyes, see through those who pursue fame
and profit.
No one recognizes the Bodhisattva;
Everyone misses him at close range.

Commentary:
"If you ask me what I'm laughing about," Maitreya says to the people of the world, "I won't answer. First let me ask you what you're crying for. If you know why you're crying, you'll understand why I'm laughing." Neither crying nor laughing are the Middle Way. Crying is not the Middle Way, nor is laughing. However, the Bodhisattva uses laughter as a means to save those who are sad or afflicted. Why get attached to either side? Crying and laughing are extremes; they are not the ultimate principle of the Middle Way. They fall to one side or the other, and they are not the path of cultivation that we should take.
Since Maitreya Bodhisattva has a vast capacity, the next line says: In a single gulp, swallow your worries and grief. He gulps down the water of grief and distress as if it were nothing at all. With two eyes, see through those who pursue fame and profit. In one glance, he recognizes people who scheme for name and gain. No one recognizes the Bodhisattva; Everyone misses him at close range. No one recognizes Maitreya Bodhisattva when they meet him, so they miss their opportunity.