I think the answer to this question can also depend on what you mean by 'education'.
Do you mean a degree? A degree certainly can earn you more money. It also costs a ton up front. It takes several years to pay back the (probable) debt from the degree, and several more for the earnings to overtake what you would've made from just investing the same amount of money.
Do you mean practical education? For example, books, courses, coaching, classes, etc. This type of education doesn't demand a higher salary like a degree does, but it does increase your output, which can lead to a higher salary. It also costs much less than a degree. It can be free if you go to libraries and get creative for the seminars and coaching etc.
In fact, if you did practical education on a 40,000 dollar a year budget you could probably save enough money and educate yourself so that you could easily overcome the earnings you would've gotten from a degree.
So, in summary do both. Skip the degree, learn practical stuff, and invest extra income. This only works if you reduce your lifestyle costs, but it's the plan i'm following.
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