I mean it worked for me. I took some really risky decisions that could easily result in me being homeless, etc. Most of them paid out so far. I guess it's up to your priorities - I would rather fail hard than settle for being where I am right now in the long term - taking risks is the only option.
And nobody has nothing to lose - I mean even poor people have a flat - but risking to lose the roof over your head would be plain stupid.
End of story - if you know papa and mama will transfer some cash if you are in need - then taking risks is easy.