I have a masters in Mechanical Engineering and I always wanted to get a PhD. But it's unfortunate that it makes no financial sense. I make a meager (relative co

I have a masters in Mechanical Engineering and I always wanted to get a PhD. But it's unfortunate that it makes no financial sense. I make a meager (relative compared to full wage) 25K to 30K for about 5 years (and this is on the high side!). When I finish school and decide not to go the academic route, I make maybe a little more than my counter parts that have been working for 5 years...Also, I find anecdotally that people with a MSc has a higher probability of management roles compared to PhD.