I think it's interesting that partying and drug use make 2 out of 3 slots in your list of useless bets that are sure to make you fail. Aren't there whole classes of extremely wealthy people who are known for drugs use and constant partying? The real central point here is wasting time. If your partying and drug use is using money for no return, your time is not paying off and you're heading down. But parties and drugs can absolutely be tools of social connection and creative exploration, which can be rewarded very highly depending on who your socializing with and what you create.

My parents came with literally nothing because the government they escaped took everything from them. Both of my grandfathers had their education but they could not practice their craft because their accreditation did not matter in the US, my father could not speak english, neither could my mother. My mother knew so little english that she couldn't even ask to go to the bathroom in her first week of school so she peed her pants.