I thnk this song is saying that he was once living for the present, but at some point he realized how much time had passed him by. He tried to slow his life down, only to find out that when you spend time dwelling on preserving time that you are missing out on the best things in life. He had a good thing going with a girl, but threw it away because he wasn't ready for commitment. Now, he wants to live the high life with her again. That is, living for the present and not worrying about the past or the future.
I thnk this song is saying that he was once living for the present, but at some point he realized how much time had passed him by. He tried to slow his life down, only to find out that when you spend time dwelling on preserving time that you are missing out on the best things in life. He had a good thing going with a girl, but threw it away because he wasn't ready for commitment. Now, he wants to live the high life with her again. That is, living for the present and not worrying about the past or the future.