[asabjorn]

I agree that the degree should not be the goal. However, I do not think a student should enter a PhD program unless they are mature enough to consider the opportunity cost and make sounds judgements about it. Liking research is not a good enough reason for taking a PhD in my opinion.

I learned a lot and pushed my theoretical understanding during my Phd, and I can not imagine being without that. However, most people is probably better off finishing off with a masters (including my former self) and getting that downpayment instead of a PhD degree.

[glesica]

  > unless they are mature enough to consider the opportunity cost and make sounds judgements about it.

But couldn't that be said for virtually anything 20-somethings do? What about working for a startup? Or starting one? Those things involve opportunity costs too. I agree with you that it would ideal if everyone could have the benefit of wisdom and maturity before making life decisions, but that isn't going to happen. In the meantime, if you enjoy research, I say do a PhD. If you enjoy working on startups, I say do that. It's not like either of those things (provided the PhD is in STEM) are going to lead to a life of insurmountable poverty...