I'm a MechE so this is probably different compared to software. A masters is far better in terms of ROI compared to PhD. I seriously contemplated to complete my

I'm a MechE so this is probably different compared to software. A masters is far better in terms of ROI compared to PhD. I seriously contemplated to complete my PhD after my masters but an additional ~4 years of school was not worth it financially. Your wage is not much different (though the type of work and responsibility might be different) and sometimes masters + 4-5 years actually make more than a PhD grad. Also, you make a full wage 4-5 year earlier. That meant a lot for me in terms of starting my own family and such.