Perhaps we might get a better perspective on what it means to lose the soul if we read the account in Luke 9:25:
"For what is a man advantaged, if he gain the whole world and lose himself, or be cast away?" Those who read a little Greek will know that the word in verse 24 is soul, where it is translated quot;life," and in verse 25 it is extrapolated into the word "himself." Since "soul" is the essential self (mind, emotions, will), the very essence of one's being, the rendering "himself" is most appropriate.

What is meant by losing one's self? Is it the same as being lost and winding up in hell? Actually, no. The passage is not addressed to alien sinners at all, but deals with the thought of denying "self" (cf. Luke 23) and going on to lose one's life (soul) for Christ's sake and the Gospel's. By laying down one's life, that is, giving it up to Him, not claiming it for self, one actually saves it. But when one lives so as to claim it, striving to use every talent, every moment and every bit of energy to get ahead in this world, he is certain to lose his own life (soul).

Matthew's account of this truth (Matthew 16:24-27) is even clearer. He plainly says he is addressing disciples and then makes the application:

"For the Son of man shall come in the glory of his Father with his angels and then shall he reward every man according to his work." Matthew 16:27

It is unfair to the inspired Word to take such a passage and make it apply to an alien sinner being lost in hell. So what has happened when one loses himself, or loses his own soul? I suggest that since "soul" or "life" includes one's ability to enjoy and utilize life in a right sense, since it includes mind and emotions and will, if one loses this he has wasted it. There is no way to get it back. What could he give in exchange for his soul? Nothing. It is now too late to have it restored. Why would one desire to have it restored? Evidently he has come to see that it was all vain to live for self in this world, and would like to have his health, his talents, his time, and his emotions to spend for Christ, that is, in serving Him and serving others. But this cannot be. He must go into the next age having lost out. He cannot utilize his mind to think God's thoughts in exercising rule with Him in the Kingdom. He does not even have the ability to enjoy the Kingdom as he could have had he given up self in this world and developed himself in serving the Lord.

We might illustrate this by the case of so many who waste the time and energy needed to get a good education and profit by parental instruction in morals and practicalities as they grow up. Later it becomes apparent that they have not made anything out of their lives. Time has passed and it is not possible to start over because other people have entered into the life (other responsibilities now claiming one's energies) so he has to go on in the crippled pace. Some do see this and make an attempt to use their lives for the Lord and God graciously permits it as he goes downhill toward the goal. He will always keep remembering, though, how much better he might have done, how much more he could have learned, could have felt, could have performed for the Lord if he had saved his life instead of losing (wasting) it.

Young people, do not waste your life, your innocence, your talent, on things which only please the flesh. Time is precious, yes, but more than time, is your precious soul. Do not waste it. God gave it; use it to honor and glorify Him. If you are now saved, then give Him your whole life. Save it now!