If your life's great, then mines is greater with no tiny cheese
He’s saying that his life is better than yours even if he doesn’t have a lot of cheese (which is money). In this line he is also doing a play on words with greater. He also is referencing a cheese grater which is used to shred cheese. So if he has a greater/grater life he isn’t worried about having a lot of money/cheese because it will just go to waste.
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