When that saying first came out it use to really annoy me, not what it means but how it was said, now I love it! And have come to realise its a saying to live by :)
Because you do only live once, so should grab every opportunity that's given to you. Don't think twice, just do it! You never know what will come of it. Sometimes it won't work out, but so what? Isn't it better to have tried something than regret not trying at all?
Yolo applies to so many things in my life right now, especially work. Sometimes job offers come along and you think 'hmmm do I really want to do that? Can I do that?' But theres that chance it could lead to something amazing, or you could gain a great new contact within the industry. So I'll say it again, grab every opportunity!
It applies in my personal life aswell, which is a whole other story! Sometimes in life that opportunity may be the only chance you get, or it could be the start of something great! Who knows what's round the corner? Take every chance, and love every minute of it!
If I could only give one piece of advice in life..... You only live once!