Very, very good question.
I think our culture bows down way too much to the god of education.
Don't get me wrong, everyone should seek to further their knowledge, but this does not always involve receiving a piece of paper at the end.
Also, where did we get the idea that it is the job of the state to educate our kids? We have wholly turned this sacred responsibility over to the government and now we are seeing the results. Anytime a kid can graduate from high school and still not be able to spell his name, we have a serious problem. Also, our education system is churning out little robots, highly trained to be effective in the job field the system has chosen for them. Carl Marx would be proud. But I digress.
I know lots of people with advanced degrees who can't seem to be able to figure out how to tie their shoelaces. On the other hand, some of the old farmers I grew up around as a kid were well-respected by all because they seemed to be good at everything. Some of these folks had achieved only a 3rd grade education. This is not to say that all uneducated people are competent and useful, just that being educated on paper is not necessary to real success. There are those who will vehemently object (college professors, doctors, lawyers, etc). Those people are wrong. If I spend the first 30 years of my life studying to achieve some high-level degree, then the next 30 years having to work in my designated career field in order to pay off my astronomical school bills, I have kind of missed the point of life.
IMHO, life experience and the accumulation of wisdom is far more important than "head knowledge". If you have a little of both, you are truly rich, and a rare individual.