Pretty much all us academics have seriously considered getting a PhD at one point or another. It's just one of those things that crosses your mind, like "How cool would it be to have a PhD?". So, we are left to answer the age old question: Should you get a PhD?
We should start by asking reasons Not to get a PhD. This is because if you can easily identify reasons a PhD is not for you, then that will be an easy way to rule things out.
First reason is because you don't enjoy academia. Pretty obvious. If you want to work in a company, then PhD is probably not best for you.
Another reason not to get a PhD is that you want to be a generalist and not a specialist. In fact, generally, if you don't know what you want to go in-depth on, then you shouldn't get a PhD.
Money is probably not the best reason not to get a PhD, as most PhD programs have some sort of way to pay, but a reason not to get a PhD is the opportunity cost of a PhD. It's 4-6 years dependent on the program. That's 4-6 years where you don't get to work, don't get to be promoted, don't get to make money. If those 4-6 years(which is gonna be 10-15% of your career) is not something you would be willing to give up, then don't get a PhD.
Now that we've discussed some reasons not to get a PhD, let's talk about reasons to get one.
Research is a great reason. If you want to do some cutting edge research in a certain field, a PhD is one of the only ways to do this. Ai, advanced medical, historical research, advanced economic theory and SO many other research fields are only really open to people with PhDs.
Another big reason is career advancement. There are a lot of careers where a PhD is a must. Now, don't get one preemptively. You get one once you realize you need one.
Getting a PhD to teach is also a good reason. If you 100% know you want to be a professor, well, getting a PhD is basically the only way to do it.
Remember, the biggest thing to consider with a PhD is that you can get one at any point in your life. It's a hard process to get one, but a PhD can be one of the most rewarding(or regretful) decisions you make.