I did discuss it with a couple of friends I went through school with who completed their PhDs a couple of years ago. They emphatically said go for it!...just don't expect to earn big bucks at the end of it!

My position is slightly different. I completed my undergraduate degree 11 years ago and after 11 years of graduate jobs which paid reasonably well I had a dawning realisation that this was not what I wanted anymore. The prospect of doing the same thing in 5 years time filled me with horror. I'd always had a suppressed desire to do a Phd and rapidly came to the conclusion that the day I lie on my death bed recollecting my achievements in life and what I did for the world I would having nothing useful to say.

So instead I thought I'd do a career which actually interested me even if the pay is surprisingly bad.

So I'm giving up my decent paid job (hopefully not my house - I'll rent that out) and should hopefully start in September - if I pass the funding round.

Seriously guys, there are many out there who would give their high teeth to be where you are. I'm deeply envious!