Worried about rooting. Should I do it?

I used to have an iPod touch before finally getting the One M8. I played around with jailbreaking the iPod and what not because I never really used the iPod. Now that I got the One (M8), I've been having a mental battle on whether I should root my phone or not. This is the only phone I have and I don't have any money to get a replacement in case something goes wrong. I have RUINED i mean RUINED devices because of something stupid I've done and I don't want that to happen to my phone. I use my phone for everything, texting, media consumption, social media, communication etc. so losing the phone isn't an option.

QUESTION TIME: Should I root or not? What are the advantages? What are the pitfalls? I really want to root but at the same time I don't want to root because I'm afraid I'll ruin it.