This motto is similar to the mottoes 'you've only got once chance to live' or 'enjoy it while you can'. People often use these phrases to persuade their friends to take risks or do something they normally wouldn't do
The phrase has been a motto for people for a long time, but the shortened version, YOLO, has gained popularity since the release of the song "The Motto" by Drake and Tyga.
They reference the term in their rap, saying,
"you only live once, that's the motto, ni**a YOLO."
In many cases, though, the term has been blown out of proportion and teenagers over use it by hash-tagging it in pictures and wall posts on Facebook because it's become trendy.
Austen: Billy, I know it's a Sunday and we have school tomorrow but we should just go out and skip studying for finals.