Obtaining a PhD in psychology will set you apart from others because it's the highest degree you can achieve in the field. But obtaining a PhD is very expensive and can take from 5 to 8 years to complete. I tell everyone that completing a PhD takes one thing and one thing only – tenacity. You have to be able to have the tenacity to continue on despite adversity, setbacks, frustration, and very truthful feedback that may sometimes feel more like criticism. But if you can make it through you'll be a member of a distinguished group of professionals who has the potential to make very profitable careers. Hope that helps! Good luck!
PhDs are an expensive route if you are considering a job in industry, including opening your own business, assuming you are planning to study in one of the more basic sciences. If you are looking to do something more applied, like clinical psychology, then a PhD is a great route for someone who is interested in more cutting-edge technologies and practices. Alternatives are a MA/MS degree (except you pay in full instead of receiving a PhD stipend) or a field-specific degree--sticking with the clinical psychology example, you could instead do a PsyD, which is more focused on practice than a PhD.
Ruth recommends the following next steps: