system
Given the following post, respond as if you're commenting on Reddit:
human
"Don't do an unfunded PhD" - always true?

I guess I'm not the only one who has heard this piece of advice (perhaps you may call it a 'rule'): if you're not being funded, don't do a PhD.

What is the basis for this? If you can afford to do it, why not go ahead? Has anyone here self-funded their PhD?

EDIT: Having encountered a good number self-funded PhD students here in the UK, I am wondering if perhaps this is more true of US institutions. Does anyone have any insight on this?
gpt
There are exceptions to every rule (like what if you are an heir to a giant corporation, and want to study history of art for 5 years). But generally, yes, it's a good rule of thumb. If you are competitive, and the field is competitive, you probably can find a funded PhD. If you are not competitive (for the field of your choice), it's probably a good idea to become competitive before you plunge head-first into a PhD, as things are not likely to improve drastically once you are in the program. It's a big decision, for most folks.