I guess it depends on what is important to you. Sometimes I enjoy this field so much that it becomes difficult for me to imagine why everyone doesn't want to do it, but it clearly isn't for everyone. And you don't have to look at it as giving up part of your life. Studying is a significant part of our lives. It's part of learning and figuring out what life is all about. If it's something you want to study, that is. That's entirely your decision.
I guess I'm not sure how typical or healthy my experience is, but I find that studying contributes significantly to my life. I really enjoy my classes, and friendships with my classmates are important to me. I've been in and out of therapy myself a lot, and what I learn in class helps with sorting out my personal stuff too. Where I feel classes and studying cutting into my life mostly is when I don't have enough time to read what I want to read (often similar topics) because of all the stuff that I have to read for class. There were 12 years between my undergraduate years and returning to school, during which I worked a little bit but was a stay-at-home mom most of the time. During those years I felt like I was stuck and not getting anywhere and not living my life. I don't even remember a lot of that time. I reached a point where I felt so trapped and hopeless that I could not go on that way. (I'm not sure how much of the details would be appropriate to share on this forum). For me, going back to school was reclaiming my life.
Now I'm working on a master's degree, mostly because something had to change and this was available. I took an extra year of undergraduate classes before starting my master's program, so my BA and MS will add up to almost 9 years of post-secondary education. I hope to be able to get a PhD eventually, so that would make about 14 years of school, I suppose, or more. It's all part of my life though.
I do wonder why you are planning on a master's degree before your PhD? I am doing that because that was what life offered me at this stage, but I understand that most doctoral programs won't favor applicants who already have master's degrees. A few programs told me that they prefer to do most of all of the clinical training there and not have to correct what may have been learned differently elsewhere. A couple of years of work experience in between degrees might serve you better. And who knows - maybe your career will take off at the bachelor's level and you will find your place in life that way. There are many paths, and the same one that is right for one person probably isn't right for someone else.
