A knowledge of Psychology is essential if you wish to understand the human condition.
I, myself, and I, have never taken the study to an academic level. An education that extensive on this subject would only be worth the time if you were initiating in a career in counselling, criminal psychology, or mental health; or of the likes etc.
I read books on various subjects, as a hobby. To increase awareness and basic knowledge/understanding. That is the highest I have taken my interest in psychology to. I have read one book about psychology. For me that outlined the basic principles of the subject, and taught me that people do/say things for different reasons.
A close family member told me that psychologists don't trust people, that they are naturally sceptical about other people and their motives. I believe that statement.
I personally find philosophy a lot more interesting subject. For psychology is a kind of philosophy. A philosophy of the workings of the mind.