My little sister has a Dual Masters in Psychology, and is currently in her last stage to finish her PHD. She has been in school since 22, now 34. She went the full route including many internships with professors, working clinics including free clinics. Sports psychology and the whole gambit. After finishing her PHD next year (on both disciplines Child and Adult) she has several offers from big colleges to become a professor.
It takes a lot work, but she loves it and has worked hard. She even gave up a lot of things, she got married just 2 years ago and hasn't even thought about children. But she wanted to get the career she wanted.
Like 9's said, she was a slave to academia for a long time, living at home until she was 30 because of all the studying and internships that don't pay, but get the necessary tools to move forward in that area of study.
Rob