While I understand the value of this philosophy I'm also aware of my brother, who has lived a financial life based on it. He used to say, when questioned about his spending and lack of savings, that he could step off a curb and get killed by a bus tomorrow.
Well, he didn't. Get killed or a terminal disease that would've prematurely ended his life. So, he's 70 and still has to work like a dog. Using it as a blanket philosophy, seems unwise in light of that.