Lyric discussion by Audaciousmoose 

Ok, pretty much both verses are the same, so I'll just quote the second verse.

"there is this old man who spent so much of his life sleeping that he is able to keep awake for the rest of his years"

So the old man wasted a good portion of his life not taking action and doing the things he wanted to do. So now he's making up for it.

"and i often ask him "are you looking for the mother lode?" huh? no. no my child, this is not my desire and then he said

i'm digging for fire [4x]"

So the young man asks him if he's digging for money and gold and riches. And the old man tells him that he's looking for passion in his life that he's never had.

An error occured.