Hi. Don't be fooled by my title. I have degree in psychology as well. I wanted to chime in on this question because as an undergraduate, I was always told that you wouldn't make any money simply by getting a Master's in Psychology. I know individuals with Ph.D's in psychology that aren't even making $60,000 a year and I also know people with Master's degree in psychology making close to $100,000. You must think about what you want to do. There are a lot of opportunities to earn a nice living with a master's in psychology. For instance, when courts mandate that someone needs counseling for drugs, alcohol, anger management, those contracts often go to counseling organizations that specialize in those areas. A lot of times these counseling organizations aren't ran by Ph.D's, but individuals with Master's degrees and an entrepreunerial mindset. Certifications such as being a licensed marriage and family therapist can also offer you career options without having to obtain a Ph.D. Of course the breadth of knowledge a Ph.D would provide will provide a more opportunities, but I wouldn't recommend getting a Ph.D simply for financial purposes.