On degrees: I know some very smart people who don't have degrees. And every time they change jobs, the hiring manager loves them, puts in the paperwork, and then some HR drone flips out. Bigger companies can't hire people without real four-year degrees above a certain salary without a lot of heartburn and/or paperwork and/or meetings. And you better believe that it makes life more difficult for the guy who knows his material cold, but doesn't have a piece of paper saying he wrote four years of checks and occasionally attended pass/fail courses about the aesthetics of music.
The good news: A four-year degree in underwater basketweaving will get you a lot of the way past silly HR types. A four-year degree in *anything*. Relevant to the subject would of course be preferable, and would likely actually teach you things you don't know. But if push comes to shove, get a four year degree in something, anything, just have it. Or you'll become less employable.
Graduate degrees are useful only in the field you really want to go into. Most CS/engineering graduate programs are a lot more serious than undergrad, you are expected to know things and do things and be somewhat smart and hard working. It's actually less work than undergrad, but focused. Or maybe it's more work but at least enjoyable. Unless you get a bad advisor, in which case grad school can be hell.
It's a good idea to step back and figure out what you really want out of your career, and out of your life. I know it sounds cheezy. But if you don't know what the goal is, then planning out steps to get there is a bit hard. For example, if your goal is to make "mad money," then you probably should be focusing more on the business and management aspects and less on technology and engineering. I know many CTOs who are dumber than a box of rocks, but make a lot more money than I do, and control budgets a whole lot bigger than I do. They followed the money. In contrast, if you want to play with technology and have freedom, you need education and a lot of skills - be the best engineer you can be to be able to get the position you want.
Unfortunately, a lot of big companies are very confused about how they value people, and their concept of "promotion" is more money = management. That is to say, if you are a good engineer and want to make more money, you have to stop being an engineer so much and start becoming a manager. It's an unfortunate plague of the business world. As a consequence, it would be in your best interests to keep an open mind about management and learn how to do it. If you want to move up, you're going to need to be capable of doing it. You can get dragged kicking and screaming into something you don't know how to do, and fail, or you can get stuck doing something you don't prefer but are capable of doing, and succeed.
The best of all worlds is to go into business for yourself, which gives you money and freedom, but means you really REALLY have to learn business skills and you have to be a serious risk taker. It is not as easy as many people on the 'net will tell you it is, especially getting started. But it can be more fun.