What is the purpose of education?

I often wondered what was the purpose of all the technical stuff I learn. Was it a means to earn money, be rich and lead a luxurious life? After a long time, I came across an interpretation of a shloka taught in 8/9 class sanskrit in KV (kendriya vidyalaya, Iam a proud student of KV).
The shloka goes as:
Vidya dadati vinayam, vinyadyati patrataam,
patratvaam dhanam aaptnoti, dhanaat dharmam, tatah sukham.

Translated roughly into english:
Education leads to humility, humility to excellence,
excellence leads to riches, riches to righteousness, and righteousness to happiness.

The wisdom of our elders in placing each of the things in the particular sequence had me bow to them in humility.
They placed humility between Education and excellence...of what use is education if it is not temperd by humility? How many intelligent fools have we not seen, who do not realise that there is always someone better than they are, and they were not born with all the knowledge; but acquired it, just like the others whom they look down upon!

Then they placed righteousness between riches and happiness. We now live in a world, where a persons happiness is measured by the luxuries he has. We live in an intensely personalized world, where individuality to the extreme is considered the norm. Caring for others, letting go of a few luxuries is looked down upon. Most of the problems we see amongst intelligentia is that they care too little for others, they are too much looking at themselves and their immediate families.Not that it is not wrong, but anything carried beyond a point assumes the tones of irresponsibility to the society we live in. With all their wisdom, the elders placed the righteous conduct before happiness. For true happiness is not in riches, its in the joy of giving and living for others...
On this note, one of my favourite quote is by R.W.Emerson,
To laugh often and much;
to win the respect of intelligent people and the affection of children;
to earn the appreciation of honest critics and endure the betrayal of false friends;
to appreciate beauty;
to find the best in others;
to leave the world a bit better, whether by a healthy child, a garden patch or a redeemed social condition;
to know even one life has breathed easier because you have lived.
This is to have succeeded. ~ RW Emerson