wrong. 

the best thing we can do to "help other people" is to improve our own lives as much as possible. this lifts up the average and as we make better things, some of that benefit will also help the masses. 

we cannot make our own lives better if we only "live for others" 

we all live for ourselves and you can either recognize that and optimize and improve your life- (which will gradually help the others as well)

or you can waste your life failing to "help people"