Do myths and legends establish moral guidelines for living?

Yes, myths and legends absolutely establish moral guidelines for living.

Consider the myth of King Midas, who loved gold so much he wished that everything he touched would turn to gold. In this famous story, he eventually turned everything, even his daughter, to gold.

This myth establishes a moral guideline against loving gold (or wealth, material goods, etc.) too much. Family and love are more important.

If you give me the two excerpts to compare, i would be able to you : )