All I said is that they did not result in raises from my current employer. They are most likely of value to other employers; I don't believe most people would think obtaining a Master's Degree in Mechanical engineering or a Professional Engineer certifications are poor choices objectively. My employer paid all the costs associated with the Master's degree, so even though they did not increase my compensation, I think getting $25,000 in free tuition and books was a pretty good deal. Getting a PE, even in NY where there are high fees, is not going to cost you more than $1000 out of pocket. Yes, it will cost you some time, but time spent increasing marketable skills is usually time well spent. So no, I do not think I picked poorly.

Just because you are not automatically/immediately going to get a raise or promotion from your current employer for doing something doesn't mean that it will not result in getting a raise or promotion at some point in the future. My employer might be screwing me in other ways, but not giving me an automatic raise for getting an advanced degree or certification is not one of them in my eyes.