My two cents.
I went to University right after high school, double major in History and Philosophy. I got really good marks, a few "best essay" awards ect. AKA, I am smart, but I work. I decided that I didn't like my job prospects when would get out. Don't get me wrong, I LOVED what I was studying, but I didn't want to study it for another 5 years after my BA so I would have a decent job. I dropped out after my first year, much to the disappointment of a few Profs; not to mention that it was quite an ego blow.
After that I took a job as a carpenter, and I almost have my ticket, hours are in, I didn't write the test. I LOVED working as a carpenter, and I learned a whole lot in my 3 years there. I worked my way up in the company fast, by the end I had my own work truck and crew. The thing was that I have a bad knee from soccer and it bothered me a lot, plus I wasn't getting paid very well for the responsibility that I had. I was getting put in charge of $1.5 million job sites, but I was barely scraping in $30,000 a year, with overtime.
I decided that it was time for a change. I weighed my options and decided to go back to collage and get an engineering technology degree in Environmental engineering. This was after talking to a lot of people in the industry and education. Currently, that is where I am. I just completed my first semester with a 3.7 gpa, near the top of my class, if not the top (super hard program). I am setting myself up for a $50k plus job right out of school. How? I work my butt off, and market myself as much as possible.
With all this said, I could have easily made $50k as a carpenter at the same point in life, but that is probably where I would have stayed and my body wasn't going to hold out until I am 50. Hard work will get you anywhere you want to go, you will just have to work harder, longer to get there without the formal training.
I should also note that my dad is VERY successful and highly regarded in his field, with hardly any education (high school drop out that worked his butt off), but it has taken him 27 years to get where he is. Yes, he has guys with PhDs that listen to his every word, but he has put in years of 70+ hour weeks, on top of working a second job to support a family. To top it all off, he has gotten a school to recognize his experience, gave him his BA and will likely be starting a Masters program in the fall. Even in his case, he sees the benefit of education; although he is doing it for the knowledge, which is what higher education should be IMO.
Work hard, have fun and you will enjoy life.
lowsound