This is not always true and very much depends on the population of patients you want to serve and what type of work you enjoy. For example, you could go the academic route with a PhD if you enjoy writing and teaching. Professors who can charge for speaking engagement and book sales can supplement their teaching salary. If you want to work with underserved populations, you could get a Masters in Social Work. If you want to focus on family, you could get a Masters in Marriage and Family Therapy. There are other specialties too, like Sports Psychology who work with professional athletes and teams. I am not in the mental health field myself, but considered it deeply and have several family members and friends who work in the area. I personally did not pursue it because I was several years out of college and the road was long and costly. My sister-in-law got her Master's in Social Work and works with children in a school setting and also has patients in private practice. Her school salary is modest but her private practice helps supplement as these are patients with means to pay out of pocket or with good insurance. She loves her work and has a great work life balance, but it took her a decade to get to private. My advice is to find the aspect of psychology you are most interested in and then be truly exceptional in that area. You may make a lot of money doing it, or you may not. But you will be happy. If you only want to go into psychology for it's potential earning power, I would choose a different career. There are aspects of psychology in many areas of business too. Perhaps that would appeal to you more.