Comment my experiece (Score 1) 489
No one will read this since my karma is low, but this is my experience.
I had gotten my masters in EE while working. Afterwards I started a phd in EE while working. I figured I would do one or two semesters, see if I liked it and then I would go full time. During the second semester I started consulting via 1099 for a small company. So at one point, I was working one job, going to school and working a little for a second job.
I started thinking to myself. Hmm. I can make X in salary and Y in consulting work or I can make 0 and go to school fulltime. When I get out after 4-6 years I may or may not make more base salary than I currently am making. What is the chance that my new salary will be greater than four years of lost income plus tuition? I figured no chance. So it was an easy decision for me to quit school.
Later I was working a job and my peer was a phd. I figured since we were the same job title we were making the same money. One day they had a layoff and they kept me and got rid of him.
So from my perspective I think getting a masters degree is pretty much the sweet spot for education versus cash income. If you are born rich or the smartest guy you know, then a phd is best for you. But for the regular smarter than average guys but most certainly not the smartest or hardest working then you are better off getting a masters degree, working and using your spare time to maintain your skills.