Yes..you can never be too educated..I admire you
You're on the right track.
If the degree will wind up paying for itself, sure. If you can't afford to put in the time or pay for it, that's a valid and huge consideration.
what do *you* want? if you have the means and the ability and the desire, go for the brass ring.
i imagine you could walk out the door and start making big bucks with your masters. unless you're in a hurry to put up a picket fence and get a dog, a car, and have some babies, why trade academia for the daily grind?
these are the best years of you life, so why switch gears unless there is a clear need to do so?
ok, so it isn't a choice between school and settling down.
if you want it and you can do it, you'll be pushing 50 by the time you're done. 15-20 years to reap the benefits, max. so, how big a difference is there between the 9-5 and the paper chase? it might be nice to have some quality time with the kiddlings before they grow up and move out, assuming the career world is more family-friendly (oh, really?) than graduate studies
I am a firm believer in higher education. So I may be biased when I say abso-damn-tutly you should. :)
If I understand you correctly, you are thinking of passing up on a Medical Degree, to become a state licensed MD? I'd go for it. If it is in some other field of study like to become a chiropractor, well depends if you can really earn good money consistently.
to go into R&D at a drug manufacturer or?
Most R&D PhD, earn between 60K and 80K on first year...its not as high as it should be, things are very competitive. You can almost earn as much with a Masters IF you apply yourself. If you don't have a family and kids, you might want to get the PhD out of the way now while you have time.
four kids, how about be a mom then.