Strong passwords are extremely important these days. Cybercriminals only need low-end hardware to crack millions of passwords at once, so it's critical to use random, complex strings of characters.
The bigger problem most users have is using unique passwords for each and every account. Any account is liable to be compromised at any given time, and you might not even know about it. If your password is compromised, the bad guys can use it to access all of your other accounts.