The truth here is the fact that education doesn't equate to intelligence. One can read all he/she wants but if those things read are not put into action or your everyday routine, there's a high tendency that such a person won't prevail.
It depends in the quality education you are getting but applying it in real life will depend on yourself. Education may not be successful if you won't apply it in real life.
Then it is wasted. And I see some people like this, they earn a degree but never look for a job but just still rely on their parents to provide for their needs.
Someone's attitude and behavior are factors in success because even if you don't have a good education or earn a degree if you have a positive mindset and aggressive attitude to find ways to make money, you can do it.
It is indeed education is very important but if we never use it, that is useless. But overall, it is all about how we carry ourselves to find opportunities.