A PhD does seem like something that you do if you want to do it and if you can afford to do it, and not because it will improve your financial situation.
I struggled with whether or not to get a PhD many decades ago, and decided not to. This was not an easy decision back then and does not appear to have gotten any easier.
There is also the option of going for a master’s degree, or continuing to work and not get any second degree.
Apparently the research associate with a bachelor’s degree who is doing the lab work might also move to another project with ongoing funding, while her boss with a PhD gets laid off. My daughter already saw this happen in her first year on the job.
Getting a PhD does not seem like something to rush into. Taking a few years to think about it and to research options seems like a good idea. Patience wins again!
And thanks to everyone for the comments. I think that there are many very good and helpful comments on this thread.