It's interesting to see that there are still people out there who think that some time spent in higher education is a waste of time. I will not suggest that everybody should go do a PhD (Those were 4 years spent well for me however), but certainly get a bachelors helps you a long way.
However.. To get most out of it.. SPent some time outside the eductaion system. I realize it is hard to get back into studies after spending 2 years working earning money, but it will tell you much better then any college professor what is usefull to pick up, and what to ignore.
I am getting to the point that employers start asking me to work for them. And not in the fields that I did in university. They just realize that if you have the ability to get a MSc/MSc/PhD in some field, that you will have no problem picking up the required skills in the job they have in mind for you. That is the main reason for a degree. However, after spending say 5-10 years working in a field, most employers would rather know your work than your degree. But unfortunately.. The pencil-pushers usually want to see your degree-label too, and they make the first cut.
As for being a graphics designer and a programmer.. I think it really depends on the size of your firm. I ran a small web design com. during my studies. I worked on it alone, and as such my websites were boring, dull design. Because I cannot do graphics design. However the code worked, the websites functioned, and my clients always came back to me when they needed adjustements. However, my cousin started a webcomp. He (Graphics BSc), a software engineer and a marketing guy. You'd say that in the past 8 years they became millionaires. But nope. They were spoiled, thought the world of themselves, and wrecked to comp. by being stuck up. So a degree is not the answer to a prayer especially in more traditional lines of work. It is a ticket through the door. But in web-related stuff, having an entry on your resume stating that you started a website such as facebook will help you better in the long run, in my view.
J.