C.
L.,
There are so many factors to consider, including your priorities in life. First, consider the cost (both time and money) of the PhD. You state that you don't want to work full time because it would give you less time with your children, but yet you consider pursuing a PhD? A PhD is not like other degrees and I hope you have spoken to someone to really understand just what a huge commitment it can be. I don't know the age or number of children you have, but you likely will not be able to carry a full course load. As such, you are probably looking at a 2-3 year course program with additional time for writing of the dissertation. I am a social scientist, so my dissertaion requred lengthy research and writing (5 years part time). Depending upon your major, it may be more or less of a commitment. Does the time out of the work force and money spent for tuition really make up for the pay increase, not to mention the less time you will have for your family while in pursuit of the degree. If you are really focused on the higher salary job (and make sure that a PhD over experience will make a difference - as an employer, I prefer experience) then I encourage you to follow the PhD path. My personal opinion is regret that I spent so much time and money on a stupid piece of paper. I am in the process of a career change that renders all my higher education useless. I came from an education focused family and I felt that I had to get a PhD to prove myself. Even with a full tuition reimbursement and stipend, the amount of money I spent on books alone was astronomical. Along the way, I became very disillusioned with the entire higher education process - another story. I don't want to sound negative, but I wish I could have all that time spent reading and writing back again to experience life rather than books. A dissertation requires an inordinate amount of focus and I just felt like a missed some of what was happening in my family. I guess that I have come to the conclusion that my time is more valuable than money. That is for my life circumstances and for my major, it may be entirely different for you. Life is simply about compromise and you need to decide your own threshold. I balanced school, work, and family, but I was always left feeling guilty that I was not able to give any one item my full effort. I was always left feeling that I could have/should have done more or been better. With the benefit of hindsight, I see that it was not the best choice for me, but that should not stop you. I recommend that you talk to someone at the school(s) you are considering to realistically determine the time and monetary costs associated with acquiring the degree. Then I think you can make a more informed decision for yourself about whether or not the PhD is worth it.
Good luck,
C.