This is the narrator talking to himself. The litany of things he “doesn’t need” is split between things he may truly not need and things he doesn’t want to need. He doesn’t want to need a boat, or a drink, or rubies or buckets of silver. He doesn’t want to be a slave to the affirmation of others, or to win every argument. The song covers the desires for the physical – money, possessions – as well as the emotional – affirmation, praise, religious salvation. It ends with an ode to his lover and the completeness of a committed relationship.