Nothing wrong with living at or below what the government calls the poverty line as long as you can pay the bills. I did that before I went to school and now that I'm about to graduate with a degree that I really enjoy, and hope to work in sooner than later, I'm psyched to get back into the same lifestyle for a bit.
It does feel nice to have all the skills that I learned in school though, and maybe a bit more confidence applying for more professional jobs with a degree.
When you're 18, though, nothing beats real world experience; though the college years were/are fuckin fiyah.