@bigjeffrey: The top paid Youtubers are making hundreds of thousands a year, not millions. While his wage isn't anything to scoff at, PewDiePie isn't pulling in sixteen million for 2013.
My big concern with having Youtube as your main source of income is what you do if that money dries up. Maybe your channel loses all of its popularity, maybe wages are cut back based on an increase in the average number of views for partners, maybe some legal suit comes up that results in you losing your channel and videos, who knows. Unless you're the likes of Freddie Wong and have strong technical talents that drive your videos which would help you find work elsewhere, what is it that you do following Youtube? While I don't think it'd be that hard to explain to an employer what you had been doing for all that time, there aren't many jobs where any of that experience is going to be relevant. Even the people who do contract work outside of Youtube, they're probably not going to be pulling in those jobs anymore once their fame wanes.
With the money the top Youtubers are making, unless you're not very responsible financially, you'd be fine for a while before you needed to find a new source of income. My concern would be more with the people who are kind of middle of the road, maybe have a couple hundred thousand subscribers and make enough to live comfortably while having one of the best jobs, but they're not going to have as big a cushion to land on if Youtube fails to continue to be a key source of income. Even if you've been attending school all the while, how long has it been since you've had any 'real' job experience? I think it would be awesome to have Youtube as a full time job while it lasted, I'd just be worried about what you do following it.
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