A doctorate is a nice personal achievement, but the opportunity cost is more than money. A PhD is a ticket that opens opportunities for teaching and research. (Mostly teaching.) You can do research on your own, without the costs of a PhD. You can strike up intellectual relationships with other researchers today. You can invent things and file your own patents. You can create your own businesses, selling products or services. You can deep dive into any subject on your own, today, and build yourself into a world-class expert.

> I’ve heard horror stories about abusive advisors, mental health struggles, low stipends, burnout, and lack of support systems.

Yes, it's a marathon. Some people really want to win that race. It is an accomplishment. A PhD might make a nice trophy, but tread cautiously down that road unless you very much want to slide into academia.