I don't believe this for a second. My sixth class teacher, Mr Glauche, told us stories of reincarnation. About kids who have come back with full recollection of recent past lives. I was mesmerised and, also, more importantly, it struck a chord. It felt real to me.
However, I think YOLO is a good motto. Especially if it encourages people to live more fearlessly. Life's all about exciting new experiences. And to the youth I say this: Cram them in there!
And while you are at it; LOL as much as you can. Those WTF moments are precious.