As a data point, I'm currently trying for a PhD instead of a "regular" job. That does involve trading immediate and lifetime earnings for more interesting work.
Although this may not apply to the institute I'm applying to, the people in charge of the university where I am currently studying certainly do not lack income. I will not speculate on whether or not this is earned, just point out that I've rarely heard anything positive about their policies.
I'm by no means unique.