No, not initially. I tried doing that with my first character during my early levels (on Adept). I thought it was a viable option like it was in Fallout: New Vegas. I avoided a lot of conflict with my sharp tongue. But I was struggling mightily in the early stages of my character in Skyrim, with me especially being a Breton Warrior.

You can invest points into Speech later, when you put some perks into your attributes that will either help you with defense or offense.

Short answer, NO.

Long Answer, HELL NO.

I have $60,000 right now from selling crap. I could have more as I have a chest full of crap that I could sell, but just don't want to. I'm hoping there will be some sort of official DLC that gives me a fortress or mansion or some place huge that I can show off all my crap that I kept.

It's a pain having to go to mulitple places to sell things but it's a waste of perks to invest it into something as usless as Speech.

I do not know whether it is really useful in Vanilla Skyrim, but if you can use mods and if you use http://www.skyrimnexus.com/downloads/file.php?id=2762 then speech becomes very useful.

If you want to be able to talk or buy your way out of things sometimes, or just like the idea of being a silver-tongue, I suggest you buy perks in Speech. It doesn't add much to the game in mechanical terms, beyond being able to avoid a small number of fights or bribing city guards- other than allowing you to get a fair bit more money than you normally do for loot- but it's a good flavour perk.
If you just want more money, though, it's not worth it. You get plenty of that, with or without the Speech perks.