I only did a master's degree, but the consensus among grad student friends is that graduate degrees are not worth it for money (maybe it's different if you go somewhere like MIT or Stanford -- I am talking about second tier schools). Grad school can make sense if you want to do research or some specific kinds of technical work (e.g. physics simulation for movies). It also makes sense if you enjoy it. I had a great time socially in grad school and loved working as a TA.
When you consider the "cost" of your Ph.D., you should consider the opportunity cost of the salary you could be earning, which could easily add up to hundreds of thousands of dollars over a six year period. It's also wrong to compare a starting salary with Ph.D. to a starting salary with undergrad because by the time you get your Ph.D. and work the undergrad will have 5-7 years of experience and, on average, a higher salary.
Agreed. I guess I'm just trying to weigh the "worth" of the degree (not just money) against the "cost" of it (not just money). Lots of intangibles in the equation.
It sounds like the consensus is not "Absolutely do X, or you'll regret it later," but "(Either one will be fine;) do what you love." So it's comforting that I probably can't screw this up too badly with either choice, but I'm going to have to do some introspection.
When you consider the "cost" of your Ph.D., you should consider the opportunity cost of the salary you could be earning, which could easily add up to hundreds of thousands of dollars over a six year period. It's also wrong to compare a starting salary with Ph.D. to a starting salary with undergrad because by the time you get your Ph.D. and work the undergrad will have 5-7 years of experience and, on average, a higher salary.