The "follow your dreams" mentality - as you put it - is not an exaggeration. It's just a state of mind in which you focus on something.
There are no promises in said state of mind. There no garantees. And if you fail, doesn't mean the mantra was wrong, it just means that you tried (the very purpose of such a mentaility) and did not succeed.

I agree that you shouldn't be blind to the world around you. That's why i said "It's those who follow their dreams that must be aware of their own limitations."

To me, the whole point is encouraging one self or others to go after something; to try. That's it. With full consciousness of what it implies going after something, of course.

I think you're taking things a bit out of context here, the's nothing wrong with the advice itself as it's a way of encouraging people to try their hardest many of the most successful people did just that. Following your dreams doesn't just mean getting tunnel vision on one goal like some people here are saying it's more telling people to have a certain mentality.

If your mindset is yeah but Taylor Swift was born with a good voice then of course you're going to stay down at a certain level mean while some mumble rapper whose voice is worse than your own goes on to make it rich so that argument isn't the best.

Ever saw these people preaching "follow your dreams, but only if they are feasible and you have the talent to achieve it"? Nope, they usually put in a way that you just have to believe and work hard for it.

Yep I agree with the ideas of your post.

Dreams are for naive kids. Kids grow up and face cold hard reality. Life is not a Hollywood movie.

Honestly, that's not how i have seen people say it.
When i hear people say that line, and only that line, it's said in a way to encourage others.

I really can't remembre it being said in another way - a way that implies that you can achieve it all.
Maybe that's me.

I disagree. I think you should follow your dreams, just have a Plan B in case it doesn't work out.

Just be smart about it. For example if you want to be a DJ or something, you can still do that, just maybe do it on the weekends or on your off time, in between your normal job and other responsibilities.  Just don't pour absolutely EVERYTHING into being a DJ to the point where you're buying new equipment instead of paying your rent.

Work on your craft and improve your skills. Then maybe one day that big break you've been waiting for will come along. And you'll be ready for it, instead of kicking yourself wishing you had worked more on improving your skills.

What about Rock Lee?  He had no talent whatsoever and still became a mighty warrior through sheer hard work and effort!

It's not just about how it's said, it's where and when as well. Not always, but quite often, it's on the red carpet or on a stage, part of some big time event, looked upon as a major achievement, where people's minds can be misguided into thinking what they are hearing, as well as what they are seeing, are directly linked. This is a problem. All it would take is another sentence to make it perfectly clear, but that could lead to the initial phrase losing it's glorified meaning. 

Some people can read between the lines, due to their intelligence or life experience, but many cannot. This is why it's important that people (kids) are taught to think outside the box, like questioning things that don't make complete sense, and not simply eating what they are fed. You don't need to "bite the hand that feeds you", but you should immediately be asking what's in the food if it doesn't taste right.

Agreed. Or you can take other approaches like somehow combining your dream and the safer route or, like you say, slowly but working with a lot of commitment towards your wishes. So rather than "following one's dreams", I think it's more about "carrying your dreams with you", working hard for accomplishing one objective but never closing other possibilities of which you can become passionate as well.