I have a PhD in an engineering/applied science field. I spent several years longer than I should have in grad school getting it, but that was entirely my own damn fault. Still, it was enjoyable and I’m very glad I did it.
I now work for an R&D company where about 40% of the technical staff have PhD’s. Most are not in fields directly related to our work, because almost no one studies exactly the sort of thing we do in school. Like Pleonast said, what you studied isn’t nearly as important as what completing the degree shows about you; if you have a doctorate in a technical field you are able to learn the stuff that’s specific to our work.
PhD’s start at a higher title and higher initial salary than somebody coming in with a BS or an MS (and we hire plenty of those, too). After that, it is largely incidental - how quickly you get promoted and gain responsibility is related to your work, not your degrees. There is no Great Divide within our company separating those with and those without doctorates, concerning either the kind of work one does or the amount of responsibility one has.
One thing to consider when talking salary: Remember that the years you spend in grad school getting that PhD are years not spent working full-time, and earning a full-time salary. My tuition was covered, and I got a stipend to live on while in grad school; my income (not counting the waived tuition) nearly doubled when I did a postdoc, and more than doubled again when I took my current “real” job. IOW, grad students make a pittance compared to their industrially-employed former classmates - the “lost income” from the time in grad school is a significant chunk of change.
Somebody at my company who got hired with a BS could have been working, getting paid well, and getting raises each year while his undergrad classmate in grad school getting a PhD. Five years later, when the second guy starts here, who’s making more money? Who comes out ahead in the end? I don’t have a clear answer.
I encourage those who want a PhD to do it - if the subject interests you, it can be a lot of fun and you’ll learn a lot. Just don’t think of it as a ticket to vast wealth. In either case, it’s what you do after school that will really determine your financial future.