Is getting a PhD mid-life worth the time/expense?

Mid life.. I would say yes. I had a similar decision... I wanted an engineering degree. However, quitting work to get one was not an option. I do pretty good in my field and thought that while engineering would basically be a career change, that my experience in the field would not be a waste.

Yet to me it is nothing but dollars and cents... it finally got to a point where the time and money needed to work and go to school, then jump on a different ladder to climb was not going to pay off compared to what I was going to be making anyway.

So for you, does not sound like you would be jumping on a different ladder, just making the one you are on taller. You can do it in a short time if I assume correctly that you can go to school full time. It would increase you employment options over a much longer time span compared to me (plus I was unwilling to move to make that work better)... dollars and sense wise it makes plenty of sense.

Personal accomplishment... well that only you can answer that. I do regret not getting my degree... when I first thought about it much earlier... Yes I would like the sheep skin.. but career wise I have done all right and I will be going pretty far without one so it was not necessary for that. For personal fulfillment??? Well of course... if I won the lottery I would become a full time student for that alone.

If it is something that you have wanted to do and you know deep down that what you are doing now is not the career path you want to be on, I say go for it.

As far as the time spent in the work force after your undergrad, it seems many schools prefer their candidates have some time spent in the 'real' world.  When I have looked at getting my masters (granted, I went to school for theatrical design which is about as far away from physics as you can get) many of the MFA programs require that you have a professional portfolio.  The spaces in these programs usually go to students who have been out of academia for a decade or more.

Is it worth it?  It depends what your long-term goals are and what you need to achieve that in your field.  For me, I got a PhD because I cannot run a lab or apply for my own grants without it.  You might not need it to do what you want to do.

How are older, non-traditional students viewed?  It's going to depend on the school and the department.  In my program, most of us are older and have worked and then gone back to school.  A lot of schools like that because these students tend to know what they want to do.

As far as the money, I don't pay for graduate school.  I'm in genetics, so I've worked as a TA and a research assistant the entire time I've been in my PhD program.  That pays my tuition and a (very small) stipend, but at least I'm not accumulating more student loans. 

I do have friends doing a PhD part-time.  It will take longer, but they are still able to work and their company is paying part of the expenses because they can't work for tuition the way I can.  Is that a possibility?

Possibly, but with my current job and work hours I don't see it as being a smart choice.  Also, the primary programs I'm be targetting are full-time only.

Question for you on the stipend.  I realize that the stipend is fairly normal for most big programs and I would actually enjoy working as a TA/RA.  However, I've also read that programs may be more likely to accept you into the program if they don't have to use their stipend money on you.  Is it looked up on as a negative if you would require a stipend in order to accept an offer into that program?

This is where I get hung up.  My heart is pulling one way, but the dollars and cents are pointing a different way.  Seems so shallow, but the pull of money is difficult to ignore.  I would go to school for 5 years and likely get a job paying similar to what I'm getting paid now.  It would mean a complete career path change in a completely different field...which I'm fine with; I have no affection for my current industry. 

Well let's drill down a little deeper then. If I do the math you are still early mid thirties. You have a easy 30 years of work left in you... 20 and you still retire early. If we want personal fulfillment we can take all the classes we want. This is business decision. Degrees are always a business decision. I was late thirties. It was going to be an extended time to get my degree and I was not under any illusions my brain worked better than it did at 20. Different career path going against guy that had been in it for 10-20 years. Looking at most a 10 year pay back and 20 if I worked till late 60s. And the real kicker for me.. I actually really enjoy what I do. I mean seriously. I really like my field and my work in it.

So for you , longer pay back, you do not like what you are doing, get it done full time, and even if you make the same out of school... you are doing a lot better than most.

All I can tell you is I went in the Navy and got out. I had a couple of choices, but decided to do what I learned in the Navy. I still thought about being an engineer...in my field. I had a chance again to reconsider when I was early 30s and I regret not doing it. Only in the sense of accomplishment and new opportunities... but as I got back on my feet and that window started closing, then it did not make financial sense. BUT.. I ENJOY what I do, and I do not regret my chosen profession or career path. If you do not have that to hang your hat on, then you need to make a move while it still make sense to do so.

If it were me, It would be a matter of personal finances.  If I could take 5yrs of less/no income and it woudn't prevent me from reaching my families financial goals (read: retirement at age XX, kids college, etc...), then why not.  Life is too short to deal with BS when you have the means to make a change. 

On the other hand, if your money concerns are more serious (which it sounds like they aren't), then Biggy Smalls said it best..."it's all about the benjamins", especially when you have a family to consider. 

Teaching is a requirement at my University and the department guarantees funding for the times you are teaching.  After that, it can be tougher. For me, being an RA, my stipends comes from the lab in which I work.  That's a pretty standard arrangement for scientific labs.  Basically, you don't take a position in a lab if they can't provide your stipend or make arrangements to get paid.  But, as Scwamm said, I'm basically an indentured servant as a PhD student.  When I start my post-doc in a month, I'll be a slightly better paid indentured servant.

What does your wife think?   That would be a big part of the decision for me. 

If I didnt like my job I'd get another one.  Maybe your dislike for your current job has you wanting you to "do something different".  Personally, Id just get another job.  Good luck.

A PhD feels great.  I beat a problem into submission.  I crushed it.  I have never done that in my professional career.  It took me nearly 10 years.  It was not worth it financially.  That does not matter.

PS.  I was way older than you when I started my PhD program.

That's encouraging.  I realize it sounds crazy, but at 29, I feel like it's too late to go a different direction or go back to school. 

There are a lot of Georgia Tech folks in my work place.  Great school!

Well, my wife just found out she's pregnant, so while she's been extremely supportive of me going back to school, we'll see what she thinks now!

The current job is definitely pushing me to do something different, but the desire to get my PhD has gone back over 10 years.  Plus, I feel like I have unfinished business.  Getting another job may be the prudent approach though. 

^1*10^6

10^6 = 1,000,000

so probably x1,000,000

it was geting weird.   Glad we can move on.