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It is from this video. It is at 2 minute and 53 second.

You have but one wild and precious life, my friends.

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2 Answers 2

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According to the Cambridge Dictionary

but adverb (ONLY)

formal only; just:

She's but a young girl!

Applying this definition

You have only one wild and precious life, my friends.
You have just one wild and precious life, my friends.

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It is a somewhat poetic way of saying "only one". It is not generally something you'd use in everyday speech, as you would probably say "only one". But in the context of a witticism or coining a phrase, you tend to see "but one" used in place of "only one".

This said, if you strictly only use "only one," you're not incorrect.

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