Degrees are not worthless provided you take interest in whatever you do. Besides going in for a normal degree one can go in for various value added courses to complement one's specialisation.
And at the end of the day all depends on your attitude!!!
Try to make the best of whatever you do!!!
Re: HOW IMPORTANT IS LUCK...
Luck may help you in winning a lottery, but for securing a job, luck is not enough. You require skills and the right attitude.
I think an MBA degree is definitely important. But, most important of all is your performance at your workplace. You may have a huge list of degrees behind your name, but in the end your performance matters.
I don't think its really worth it. Usually, people who are busy with their tight work schedule are unable to do a full or even part time MBA. So, quite a few opt for MBA through distance learning.
Hostel is a place where u can interact with others, learn from your mistakes and a lot more. Besides, it helps you to come out of the comfort zone u had at home.