We all have a finite amount of it, and what we choose to do with it is completely up to us. For some there is not much choice, other than choosing to survive. Those of us who were born into first world families have an unlimited amount of options available to us, but believe most often the freedom we have been blessed with is squandered by preconceived notions of what we should do to conform.
In most cases it is often best to take that time and be unconventional with it. Instead of slamming head first into a job out of college, take time to truly find out what you want to do with the expensive degree you worked so hard for. You (and your parents) deserve as much! I would say travel, but that may not be the best option for everyone.
After having slowly crept towards what would be considered middle age (40 :( ), i look back and wonder how I could used my time more wisely. First and foremost would have been spending less time at my job, and more time traveling the globe. I have no regrets, just advice for those who come after me. My life right now is quite beautiful, and I needed all those lessons in time along the way. They are now of great service to me when I slowly see my time on this brilliant blue gem as much shorter than I thought when I was in my 20s.
The person below has the right idea on how to utilize one's time. Catching those last waves, and rays, of the day.