Interesting topic- I just wrapped up my PhD and started a job.

MC, I agree with the most- if you are doing cost-benefit analysis then starting to work now is definitely better- at least for a certain time frame. However, it may not be beneficial in long run. Its you who need to decide what's your goal? Also depends on your field.

If you ask me why I did it- I am in public health sector- Master degree can earn mid level status but not the top in this field. I wanted my formal education not to be a barrier in future career. With my current degree my doors are open for the highest level of job in the field that may not pay me the best but may give me the most satisfaction.

Of course, if I had chosen to work after master, my economic status would not have been in the level where it is now :(. However, now I feel it was a right decision.

Good luck.

Dharan