I'm in economics grad school right now in Berkeley. I can tell you that:
1) Grad school applications are a crap shoot. People get in/not get in for the most random reasons. If you really want to do grad school, just apply to as many schools as you can afford to.
2) If your goal is to make money/increase income, grad school is one of the least efficient ways to do so. Work experience counts a lot more than grades/degrees.
3) Grad school is not fun. A lot of work, and you're still poor as hell.
Horseshit. This may have been
your experience, but you shouldn't generalize.
1) Acceptance to grad school is not a crap shoot unless you're a monkey. If you've got good grades and good scores and applied yourself during undergrad, you'll get into the school of your choosing. It's not random.
2) This might or might not be true, but only due to the lost income/savings/investment during those 4 to 6 years while in school. I walked out of grad school with a six-figure salary whereas most of the undergrads I knew were in the $45-$70K range.
The money was not my draw to grad school, though. I wanted some say in what I do when I left school. I didn't want to do something mundane. I needed grad school so I could do something interesting after I left school.
3) Grad school was a blast. It wasn't about classes like undergrad, it was about research and actual learning. Grad school was the most productive part of my research life; the time when I had the most freedom in my research, and I was extremely happy as a grad student.
It's true that I was only getting a ~$20K/year stipend, but tuition and fees were covered and my crappy truck was long paid for. I ate fine, lived in a decent place, I was on a campus full of 18 to 24 year-old poon, and I had everything that I needed at the time. I even had enough money (and time) to leave the country once or twice a year and wander around Thailand or Taiwan or Cambodia (places that are inexpensive once on the ground).
But...
The OP doesn't need a grad degree. The OP needs to get his shit together and figure out what he wants. If more time is
really needed, go join the fricken Peace Corps or go teach English in Taiwan/Korea/China/Vietnam and kill off some more years.
The first step in this "journey" is to figure out where he wants to go.