If you're thinking about nightclubs, cars, and diamonds
Then it may be insignificant to you
It's not a rich person's life
Or: It's not a rich life
But we have a really good time
And if there's not enough at home for air conditioning
This line means he can not provide enough so as to have air conditioning in the house. The expression 'no alcanza' is sometimes used to say 'there isn't enough money for something'. 'El aire' is a reference to 'aire acondicionado'.