That phrase quickly became the bane of everyone's life a couple of years ago and understandably so. It was used excessively by young teens who wanted a phrase that would cover their poor decisions. It was an excuse for them to do stupid things and it somehow was considered an acceptable excuse. I never used the term and never planned on doing so... until recently.
I find myself thinking about the phrase, but rarely saying it out loud. Despite its stigma, it's actually a good phrase to follow; "you only live once". A meme soon came out saying "you live every day, you die once" which is true but people always go in too much depth about such things. For all we know, this is our only life, the only one we will ever have so you should make the most of every day and every opportunity that arises. I find the saying is similar to the statement, "what's the worst that could happen?", which also spurs you on to go out of your comfort zone every now and then and do something potentially great. I think it's healthy to go out of your comfort zone occasionally and it can often come with great benefits.
There have been times where I've told myself "you only live once" and I go and do something that I wouldn't normally do, I take more chance and opportunities when I follow the term, broadening my experiences, opening new opportunities and bringing excitement to my fairly menial life. Sometimes things with social stigmas that are viewed bad, can occasionally be beneficial to others.
I recommend that others think about the term "you only live once" more often. If you're nervous about speaking to someone new, think of that and take advantage of the moment. If you're debating whether to go out or not, think of that term and decide whether you want to make memories that day or just enjoy a hot bath, depending on what you prefer and what you want from life. After all, it's your life, you can do what you want with it. I think it's a great term that I will probably use for the rest of my life in order to make the most of it.