But it's not a straightforward decision. For one, there is an opportunity cost to spending another 2-3 years making little and saving no money. For example, I

But it's not a straightforward decision. For one, there is an opportunity cost to spending another 2-3 years making little and saving no money. For example, I can't even afford a car with the money I'm making, which can seriously affect how much socializing you can do. I also can't afford to have an emergency fund. Another issue is the number of jobs you suddenly become overqualified for, especially with a PhD. A potential employer will prioritize the BS or even MS applicant, simply because it's more likely that the PhD applicant won't stay for long!