"Life is Good" uses colorful metaphors and lyrics to illustrate that each of the artists performing it are living a good life, having achieved wealth, thanks to their fame and careers. The lyrics also seem to illustrate that while money can't buy happiness in every aspect of one's life, wealth can make life easier if you have it. 

In Drake's segment of the song, he sings about working long hours, both night and day, to avoid working a mundane 9 to 5 job. He sings that his taxes are due, but he doesn't know how much, insinuating he leaves that task to his accountant. Even though he's found career success, his personal life isn't quite as enviable. A romantic interest isn't texting him back, and the lyrics "Say my days are numbered, but I keep wakin' up" implies some in the industry predict his downfall — but he keeps coming back with new hits.

Future's lyrics speak of more material things, claiming the cheapest ring he owns is worth $100,000 and that he travels often and owns luxury cars. He also references his past as a drug dealer, singing "I done been down bad in them trenches, had to ride with that stick, woo." Like Drake, he implies being rich doesn't give you a perfect life. While one could argue the song lyrics show gratitude for their successes, it's also likely the two artists are trying to convince themselves that, yes, life is good, even when it isn't.