While most of the advice is solid, I would disagree on a few points. From my experience as an indie dev, putting your own money and generally all you have into your first game is terribly, terribly wrong. Especially saying something like “if you’re not willing to put 100%, you’re not ready”. This dedication may seem like a heroic act at the time, but ultimately it’s very short-sighted.
Unless the game you’re working on already has traction and press on its side, it has a 99% chance of being a financial failure. Sad, but true. So first game project should be regarded as a learning experience that won’t leave you broke and shattered afterwards. Ideally, work on it part time while having a day job, so you have the resources for your next project. Unless, of course, you are filthy rich and can afford to throw 50–500k around like it’s nothing :)