**Translation:** “That’s why I have a good time when I’m out drinking.”

- **Por eso**: “For that reason / That’s why.”
- **la paso**: literally “I spend it” (refers to how the speaker spends their time); colloquially, “I have a good time.”
- **contento**: “happy,” “glad,” or “in a good mood.”
- **en la peda**: Mexican slang for “at the drinking party / while getting drunk.” “La peda” is an informal term meaning a booze-filled gathering or binge.

In short, the singer is saying that because life is short, he chooses to enjoy himself and stay cheerful whenever he’s out drinking with friends.

Translation: "I want to be happy while the day comes."

- **Quiero**: "I want"
- **estar**: "to be"
- **contento**: "happy," "content"
- **mientras**: "while"
- **viene**: "comes"
- **el día**: "the day"

In context, "el día" alludes to the day of the singer’s death—the moment when his family will dress in black, as mentioned in the following line. He’s saying he wants to stay cheerful and enjoy life up until that inevitable day arrives.

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