"Live like you’ll never die" can be a reason to put things off because you'll do them in the future. And then the world changes and possible paths are suddenly closed to you.
Anecdata: my father died relatively young in his 50s after a decade of ill health that had forced him to give up some of the things that he loved, like sailing. This made a very big impression on me (I was in my mid-20s), specifically that you only get one life and you must make the most of your health while you have it. I am now older than he was when he died and I don't have a bucket list of things that I want to do in the future. That's because I've already done those things, rather than postpone them until I retire. That said, I'm currently in the process of seeing if I can bootstrap a totally new career for myself, in the outdoor conservation space after decades in the office in the s/w industry. I might not make it but at least I've tried.
One of the last things my mother told me before dying in her fifties was “but there’s still so much I wanted to do”. I drew a “life calendar”, crossed out all the years I had already spent, marked her age when she died and more statistically relevant life expectancies and hung it over my desk. I quit my job and started something new not long after.
Personally, I believe the key is to reconcile the two. Operate on that fine line that optimizes best for both this being your last day or just one link in an unending chain.
Save money like you'll need it forever, work hard for more money so you can spend it on what you love, and actually spend it, all in balance.
I don’t see any value in being dogmatic about it one way or another. Personally I’d just shorten it to “Live your life.” It will mean different things to different people, but perhaps that is ok.
Anecdata: my father died relatively young in his 50s after a decade of ill health that had forced him to give up some of the things that he loved, like sailing. This made a very big impression on me (I was in my mid-20s), specifically that you only get one life and you must make the most of your health while you have it. I am now older than he was when he died and I don't have a bucket list of things that I want to do in the future. That's because I've already done those things, rather than postpone them until I retire. That said, I'm currently in the process of seeing if I can bootstrap a totally new career for myself, in the outdoor conservation space after decades in the office in the s/w industry. I might not make it but at least I've tried.
YMMV.