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What do you mean 'wrong'? I did it that way with all my toons (except the first) and did not have any lack of funds. I even started over on a brand new server and that method worked just fine.
Your reasoning for picking this method seems to be this:
1. You'll have a way to make money up until level 40, a completely arbitrary level (unless you count it as when you get your mount; however, in the next patch this will be rolled back to 30 and only cost 35, so then it really will be arbitrary).
2. By doing the skills for 40 levels, you'll know which is more profitable.
3. At level 40, presumably it is easy to backfarm the items you need to quickly skill-up the appropriate complimentary skill.
However, following Mike's advice...
1. You will have TWO ways to make a lot of money up to and at 70. As prices for most goods increase multiplicatively until 60 and remain fairly constant at that level, you'll be making a lot more money as you level up by doing the same amount of work.
2. To know what skills are most profitable, check the AH for the most common goods. If you want to be scientific, use Auctioneer to check the prices. It really shouldn't take too long to figure out what to best; and often it'll be mining/herbalism + skinning (or enchanting with anything else).
3. While at level 40 it's easy to backfarm items to catch up your skill, it is infinitely easier to just buy everything you need at level 70. More expensive? Maybe; but you won't spend hours upon hours backfarming instead of MAKING money off higher-quality goods to buy MORE. Ie, you could farm iron for an hour and get two stacks at 40... or you could mine fel iron for an hour and make 3x the profit, thus buying yourself 3x the items you need to level up.
Mike's description of your way was incorrect. It's not "wrong", per se.... but it definitely isn't the best way to level up skills.
The only thing that your path DOES have going for it is that you may be able to use the items you make at the appropriate level. But since almost all of these will be BoE items anyway that you could buy off the AH, I only see this as applying to engineering (where you need skill for the items, and a lot of them can be used far before the ILevel of items with required levels).