That quote always makes me uncomfortable. I'm 27. I spend a fair amount of time desperately trying to uncover what it is I'm wasting my youth on, or else determining what it is I've already wasted it on.
That quote was written specifically to make you feel uncomfortable. Older people love to quote it, because we all have a catalog of things that we'd love to go back and relive more fully, or do right the first time, or not do at all. The cruel irony of it all is that you probably don't know how you're wasting your youth until you look back on it in retrospect and facepalm. Sorry.