And the work-life balance is atrocious.

When I started, my advisor told me to not think of myself as an employee, but as a "researcher". IE I don't get to clock out, my life revolved around learning/reseaching

Generally no if we consider it from a financial perspective. Whether or not it’s worth it on an emotional level is very individual

I work in engineering with a masters, and I make more than people with only a bachelors. However, even with the masters pay bump I am unlikely to ever make enough extra money to make up for the financial losses I incurred in getting the graduate degree. It’s only “worth it” financially if you work full time and have your company pay for the degree.

PHDs make about the same amount of money and get about the same positions as someone with an only Masters. You get a PHD because you love studying and research enough to basically give up half of a decade of your life.

I considered getting a PHD until I realized that >50% of the PHD students and graduates I spoke to described it as, “6 years of my life I’ll never get back”.

It really depends on the field. In some areas PhDs make less than bachelors.

That’s what they say but I haven’t finished mine yet so I can only hope