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After he gets away from Smaug, Bilbo makes up a saying that would become a favorite of his. Never laugh at live dragons, Bilbo, you fool.
Bilbo was entitled to 1/14th of the hoard based on his agreement with Thorin for joining them on the journey.
Bilbo and Balin are character in The Hobbit. They wanted to leave the main gateway to the mountain as it was the home of Smaug - a dragon. Staying would obviously not have been good for their health.
According to the book he told Bilbo, "I like eggs with my ham, when starting on a journey: fried not poached, and mind you don't break 'em."
He would be eaten by Gollum