I wouldn't say that's correct.
The major fallacy is that your assuming the other life has the same nessecities as humans. Like I said we have no clue what other life would be like IF it exist. You could be talking about a life form that has to eat gold for all we know. You can not take the principles and properties of earth and humans then apply them to other life forms IF they are out there. This question alone is much much much bigger then any of us and the only way it will be proved is if they come down and host a press conference.