@abode002, this is a verbatim memorization and there are two valid ways that minimize your preparation and review that I’ve seen for using mnemonic techniques to get it in your head in my opinion.
One is to take all the initial letters of the phrases, a word-for-word acronym, and somehow convert that to an image. In your example, you would have IWTBOT, IWTWOT, IWTAOW, and so on. You might make up a set of sentences that evoke images that goes "I was the 'bot, i was the water, i was the “AOW” hurt toe, etc. Then you make a story to see the transition between the images. A robot walking into a lake, hitting his toe, etc.
The other technique is to not memorize word for word but use key word substitute words. The key words are the words you want to remember in the phrases and then make a story out of them. The more familiar you are with the text, the fewer number of keywords you need to put in the story. In your example you would have the main words of: best times, worst times, age wisdom, age foolishness, etc. The visual substitute words might be a trophy for an athlete or medal on a dog, a newspaper, a sausage, the newspaper again, etc.
Your story starts with a best in show dog wearing a medal. You take out the dirty newspapers in his pen and give him a sausage to eat while you go get new newspapers for his pen.
You have a difficult passage because most of the words are all abstract so it will take some time to find a good concrete visual image to represent them. Let me know which one you like the best and how it works out on memorizing the passage. Good luck!
[edit] While memorizing the rest of this passage, I noticed that I liked to mix the two systems so do what works for you. I memorized the rest of the first paragraph and found that I like the key word substitute word best and using the acronyms when I’m stumped with a grouping of words that don’t come easily as an image. I used AOW and AOF (oof he says as he plops down in the couch after hitting his toe).