I have two BAs and a JD (Juris Doctor, equivalent of a PhD). Since I can't be a lawyer without the JD, and I'm making good money, I'd say it was worth it.
As for the two BAs, both afforded me with interesting skills and a deeper view of the world. Neither did much to help me find gainful employment. I don't consider them a waste of my time, or my money (though I wish they were cheaper!)(For the record, they are BA Religous Studies, speciality Indian Subcontient, UVA, and BA Computer Animation, Art Institute of Phoenix). However, a Bachelor's is key to any further degrees . . .
But whether you need a Masters (Or JD, MD, PhD, etc) totally depends on what you want to do. If you want to join one of the professions, you definately need one . . . for other things, a BA/BS or even AA/AS should be fine. Or trade school. I strongly suggest getting at least an Associate's degree though . .. except for a few fields, employers tend to look dimly on people who have not had some college . . . but experience, talent and personality can make up for it. Still, if you can afford it, get a Bachelor's . . . it opens doors.
It really is . . . what do you want to do? And what do you mean by good money? Yes, the really big ticket jobs tend to require at least a Bachelor's . . . but not necessarily a Master's or a Doctor's let alone the post doctorate degrees (which Law has, though I'm not sure about other fields).