Can youtube covers ruin your career ?

[winner11john]

Hi.
I would like to make my own original music later in life , but right now I don't have the time due to financial problems . Yet I would like to "show off" to my family by getting good comments on youtube on my live covers .
The problem is I live in Eastern Europe and probably buying the rights to covers is way over my budget .
Will making illegal youtube covers ruin my prospects of signing up with a label ?

Thanks