Re: PhD
^ yes... trust me when I say this... money is not an incentive for a career as an academic, and this is why many academics today also do some consulting work. For me, since I had done consulting before starting my Ph.D., it was a synergistic fit. Many of my consulting engagements also result in publications or future research opportunities in the industry.
And kakaballi, talking about flexibility, there's a saying in academia... "In academia, there's great flexibility... you can work when you want, where you want... as long as you work 100 hours a week".
From my seven years of teaching and research, I can tell you that my average work week is just about 90 - 100 hours. We pretty much don't have a life outside of work - especially in the formative years of our careers.