Far outside the U.S. (in Old Yurp) here, but as you asked for an outsider's perspective anyway, I'll chip in for what it's worth:
What education level have I completed?
I have an engineer's degree (approx. M.Sc.) in telecommunications and a degree that is between your (U.S.) M.A. and PhD in one of the social sciences. Currently working (creepingly slow, because I'm lazy) on my doctoral.
How well am I living because of it?
Well, on one hand, unemployment among academics here is staggeringly high, so neither degree will do me any good whatsoever; I'm doing the PhD only for my own satisfaction, and to show up my father (sorry). It does however sustain my livelihood for the time being, because up to the thesis work I amassed enough "credits" to secure one of those (bullshit) "outstanding success grants" - note that it is far from me to boast, I am simply trying to answer your question truthfully.
Would I recommend your chosen(college completion related) path to someone you knew/loved one?
No, definitely not. During my engineering studies I was working a gruesome, soul-rotting but well-paid job; from a monetary perspective, I should have tossed college and continued that instead.
Looking at it from an educational angle, I learned more working industry-related jobs later on than during my engineering studies. The College studies were focused around stroking the professors' egos by memorizing their outdated and valueless designs for the exams, then forgetting them as quickly as possible. Lather, rinse, repeat.
The social science studies were interesting, and many of my professors - some of them international luminaries - were incredibly knowledgeable, humblingly so. Studying under their tutelage was an honour and a joy. However, since social sciences aren't considered economically valuable, the department was short on money, and that showed,
always; but the biggest drawback was without doubt the student body, mainly composed of constantly bickering mayflies with an IQ below room temperature.
The one "thing" that I truly value about my college time in retrospect is that my partner and I first met there. That was a beautiful and wondrous gift to me, but you can hardly really credit college with that. Otherwise, it left me even more disillusioned with science as a whole and the education system in specific, and only served to furtherly fuel my crippling despise for your average college student/graduate (especially MBAs, psychology masters and ethnologues).
Well, as absolutely cold-hearted as it sounds, I never liked my mother. When my parents divorced when I was seventeen I was actually happy, and even now knowing she is dying I just don't find myself caring that much. I know that makes me a horrible son, but I've made peace with that.
Ah, who cares about being a horrible son? I know I'll be dancing on my father's grave when that lucky day comes, and damn, does that feel
good.