The speaker was 21 years old when he was given this advice by a wise man. The phrase meant that it is better to experience poverty than to suffer the pain of heartbreak. The wise person must have experienced these sufferings himself. The message in the warning is that though we need money to buy food & shelter, it would be better to go without these necessities that keep us alive than to suffer in love. Here we notice that the wise man used the words pearls and rubies. These gems are more valuable than crowns or pounds. This only makes his statement bolder, that riches are nothing compared to love. "Give pearls away and rubies. But keep your fancy free." The term "fancy" means love. The wise man states that it would be better to give all these "gems" away rather than to let his love be restricted.