No Dale. It's more like "you have youth, energy, and opportunity NOW. Enjoy it. Revel in it. Use it. Before it's too late."
Just to clarify, I'm not calling the people who say that stuffy. They're the wiser ones. I'm saying the reason youth is wasted on the young in the first place is because there are stuffy old(er) people over-selling the idea that they should spend all their time preparing for the future, and at the same time telling them all the things that are supposed to make them happy, i.e. telling them how to prepare for the future, like go to college, get married, buy a home, have kids, invest in a 401k, etc.
Then next thing you know, their youth is gone and here comes mid-life crisis. I was an INFP so I had my mid-life crisis at about 21.