I've said it before, but one reason I didn't pursue a PhD is that there appeared to be an element of hazing in the entire thing.
Several of the PhD students I knew were languishing for years trying to get their thesis together, in what can only be described as poverty.
Meanwhile, half of the professors were miserable, and if they made good money, it was because they were very focused on how to make money. The happiest postgrad I knew was a senior lecturer who had given up on becoming a professor.
The best you can hope for is that your personal area of interest happens to have a lot of funding.
Yet these people almost universally seemed to think, "Well, that's just how it is. The nice thing is that if you can get an academic position, it sucks less than being a PhD student."