The final verse ends with the lines: When you ain't got nothing, you got nothing to lose You're invisible now, you got no secrets to conceal The refrain seems to emphasize these themes: How does it feel How does it feel To be on your own With no direction home Like a complete unknown Like a rolling stone Dylan biographer Robert Shelton gave this interpretation: "A song that seems to hail the dropout life for those who can take it segues into compassion for those who have dropped out of bourgeois surroundings.
Poslední sloka končí slovy: When you ain't got nothing, you got nothing to lose You're invisible now, you got no secrets to conceal Refrén tento motiv zdůrazňuje: How does it feel How does it feel To be on your own With no direction home Like a complete unknown Like a rolling stone Dylanův životopisec Robert Shelton shrnul význam písně takto: "Píseň oslavuje život odpadlíka pro ty, pro něž je to přechodné, a přechází v lítost k těm, kdo vypadli z buržoazního prostředí.