Yes it is risky unless you have a lot of money and then you can spend it how much you want i would not put all in to bitcoin because if it fails you will regret it every moment i would put 50% in it and keep the other 50%.
I agree i think that it is very risky to turn everything into bitcoin because then if bitcoin ever would go down in value you will lose all your money and will become homeless. So i think that it is smart to have a bit of your money turned into bitcoin.