Answers:
if you don't take things seriously enough now.. you'll pay for it later.
They are telling you that you should have fun while you have the chance. We're not going to be on this earth forever, so you should make the most out of it. That's all.
If you don't prepare, you may get stuck in a serious situation. Like the fable of the Grasshopper & the Ant, by Aesop. Or, like not listening in Boot Camp & getting killed in Iraq!
Yeah, it's basicly another type of saying that states, life is short. Live life like there's not tomorrow. Etc. Ya'know?
I believe it is a saying that would basically imply:
Have fun now - Pay later.
Or, in other words; Go ahead & have a good time doing what you're doing now (even though it is not good for you & maybe even dangerous) - Pay the ultimate price for it later.
They mean to make you laugh to death.
live and enjoy your life because you don't know when its going to end
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