How to solve the “Mcrypt PHP extension required” problem during the Laravel installation

When it comes to learn or practice with something new the most frustrating part is when this new “toy” won’t work out of the box. And that’s what happened to me the first time I tried to install Laravel on my MacBook Pro. I struggled with this problem for a good hour before finally figuring out what was wrong, and I thought would be great to write it down for future installations or to help other dudes like me that could encounter this problem. So, let’s take a look.