What are the benefits of having a PhD degree?

Let me first try to dispel most commonly held myth, "Ph.D is a training to become a university professor". This is not true. If a professor graduates 5 Ph.Ds in his lifetime, and if all of them get employed in academia, then size of academia needs to increase five fold. However, this does not happen

There are a lot of benefits of having a Ph.D:

a) You can indulge in the luxury of having Dr. as your title. 

b) You'll learn how to be tough (mentally tough that is) from all the grilling, criticizing, and second-guessing you will have to endure when you present your research proposal.

c) Your analytic