This is a great question! Here are some of the primary differences between the PsyD and PhD in psychology:
PhD: The Doctor of Philosophy in Psychology requires the completion of a dissertation, is research focused, and can involve an internship. Designations after graduation and receipt of license or certifications can be clinical, counseling, teaching, research or even Industrial-Organizational psychologist.
PsyD: The Doctor of Psychology requires a residency, and is clinical and practice focused. Designation after graduation and receipt of license is often clinical psychologist with a specialty.
Considering the income as a clinical psychologist, both degrees can lead to a license if the program is accredited by the APA. Clinical experiences that require you to work in medical settings and in some community roles do pay well. Chiefly, greater income comes with experience, and the level you are working at, like as a director of a clinical program.