This is total anecdata, but out of my closest college friends, five of them went to get a PhD, while I went to industry. When they graduated, I was already making more than of all of them, with five years of industry experience. And I made more them them for the next thirteen years too. I never hit any magical ceiling where a PhD was necessary.
In other words, don't do a PhD if you're in it for the money.
It may open a few more interview doors for you, but honestly, at least in my experience, I wasn't even aware of which of my coworkers had PhDs. When I eventually found out, they were all just slightly older than me working at the same pay grade.