Do you have at least reference on what you are saying here or just your pure opinion on this matter? We know that the 2 items have impact on your decisions but would appreciate if there are some kinda study about this.
I don't think there are studies out there on the web, but OP's "advice" is the most generic advice ever that you can literally see almost anywhere, and than you could pretty much apply it to almost anything. More of a "generic life advice" than a "million dollar advice" in my opinion.