Initialism of you only live once, i.e. expressing the view that one should make the most of the presentmoment.
Related
Similar words
you only go around once
Origin
The phrase (not the acronym) "you only live once" dates to the 19th century according to research by Katherine Martin, head of U.S. Dictionaries at Oxford University Press. The acronym was popularized around 2011 by Canadian rapper Drake.
YOLO was entered into the Oxford English Dictionary as a word in 2016.
Modern English dictionary
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