Fact. Unless you're young and can live on ramen.

Remember young people are the target for investors because of this. Not because they are "better at picking what's hip" ... That's the story that's being spun. It's because they can take a high stake and not worry about the founders being paid.

Don't let anyone tell you that you can't make the money you need to live (and perhaps for your family to live) while you do a startup. If you find someone who tells you that you can't work and do a startup. Move on. You don't want to get involved with that person because they'll only drag you down.

If this is coming from an investor then shame on them. They should know their target better. You likely do not fit their profile. Find another one. I promise people with common sense do exist.