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Getting a degree does take a level of commitment, sacrifice, and follow through over the course of an extended period of time that I think is important to employers as it translates to your work ethic on any job.
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As someone without a degree and not a day of college experience, this is how I view them.
That said I've had good paying jobs since I was 20 and have consitently moved forward in my field. Both with responsibilities and money. Currently the only real obstacle I see overcoming due to lack of degree is breaking the management barrier.
However I'm only 23, and going by current experience I am maybe 3-4 years away from entering management grounds. So I have plenty of time to work my way in, even if i need to tack another 4 years on top of that to help make up for my lack of degree.
However not all job fields allow this kind of freedom without going to college, thankfully in IT there are a fair amount of people with a background similar to mine willing to give chances to guys who interview well and have good experience.