Should I persue a Doctorate?

I am in my freshman year of college and I am majoring in Applied Physics. After I graduate I am going on to graduate school to earn my masters in Engineering. I have been told by one of my physics professors that those in the field who have a doctorate only make about 3k more than those with a masters and that getting a doctorate should only be for personal satisfaction. He followed the same degree plan as I am planning to take but in the reverse order (he got a bachelors in Electrical Engineering and then got a masters and doctorate in Applied Physics). Any thoughts?