It's the time of year when people are deciding to apply to PhD programs. I made that decision 17 years ago. Here are some things I think you should know.

1. A PhD is not a means to an end. Don't start or suffer through a PhD at the expense of your mental health and life goals.

2. A PhD is a terrible financial decision.
3. A supportive environment for your PhD is much better than a highly ranked school.
4. Academic success depends way more on luck than professors like to admit, but there are ways you can manage the risk. https://freedom-to-tinker.com/2018/09/04/why-phd-experiences-are-so-variable-and-what-you-can-do-about-it/

5. Consider getting a couple of years of life and work experience after undergrad before applying to PhD programs. It teaches you project management skills, shows you the opportunity cost of a PhD, and gives you a sense of what matters in the real world.

6. Don't let a few rejections deter you. There are many reasons having nothing to do with you why your application may be rejected, especially in a time of budget cuts. Here's my story. https://twitter.com/random_walker/status/950784801514180608