In the matter of your own education, I think the answer is "yes" if you can justify the expense and you know that you can make a better life with your new knowledge and skills.
But as far as heavily investing in your children's education, you have to realize that you have no control over what they do with their lives. Plenty of parents have spent tens of thousands (sometimes hundreds of thousands) of dollars on premium education for their kids, only to have their kids drop out or waste their lives. A woman I work with spent tons of money sending her kids to private elementary schools and high schools but her adult kids all work min wage jobs. She paid for one of them to go to college (the only one who got accepted) but that child dropped out after one year.
If you you can't afford to gamble your retirement savings on your children's education, then you should be very cautious about how much you invest in their education. Of course, if they are academically gifted and emotionally stable, it's probably worth it.