I did a PhD and it completely changed my trajectory in life.

I would maybe compare the academic path to more like a start up life : most fail, but you will learn a lot and you will be in charge of your own destiny.

Of course the pay and living can be brutal depending on where you choose to do your PhD. But there are phd programs that pay a generous wage (with benefits like health care and retirement) at affordable cities.

I am happy I was able to roll the dice with academia. If it didn’t work out I would still be doing fine in industry.