Well some people do not call "studying" a waste of time, regardless of the degree. PHDs are good to have but they cost too much money and simply are not the reality of people. I do not find studying a waste of time and if I had the means I would study to the moon and back. But unfortunately most of these degress involve researching and finding real useful solutions to some problems, and if there is one thing I hate is spending endless hours researching stuff and writing a paper. If it was somehting really brilliant ok, but most of the things we write are pretty much useless. In fact life ends up making us work and take care of chores and studying or getting a PHD ends up as a dream to many.