It and very similar phrases mean. That someone has been given either too much responsibility or rocketed to fame too early in life; without having to work and sacrifice for their success. 

Examples are young people who become famous overnight and shortly after their lives are in a mess, because they did not do any kind of an apprenticeship.

A famous singer who spent years working in seedy clubs with eggs thrown at them in their early career, from which they learned what was good and what was bad, enabling them to adjust and perfect their act over time, to eventually climb to the top and stay there, is a good example.

Singers who win talent shows at an early age and have only spent a few hours on stage, before being catapulted to fame, these singers only last for five minutes.

A young person who is given fast cars to drive at an early age by rich parents often ends up not being able to fend for themselves in later life. But a person from from a poor background with no education can often become a very successful business person, because of their poor childhood, it gives them drive and motivation.

"too much too soon too early; rolls royces have to be earned and worked for"