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.
I don't think that you are truly "in charge of your own destiny" at many programs. I get the comparison, but it's more like you're a startup in an oversaturated market with funders who have very little invested in you (and may not even know/care about you) and constantly demand that you perform circus acts to keep them funding you (sometimes in very paltry amounts) for just a bit longer. They will also be very disappointed if you turn out to be anything other than a unicorn.
And on top of all this, you could just be out of luck due to factors outside your control. I've seen multiple cases of well-published researchers with excellent teaching records, good social skills, and prestigious postdocs spend 2-3 years on the market and get nothing. It's a random roll of the dice, and I would discourage most people from trying it.
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.