I think, one needs to know first where they want to see themselves down 10–15 years in life. Double Masters or PHD, well what I have seen is people got admission to PhD and due to circumstances they switch back to Masters. People who do not have clear direction they juggle here and there. Sometime people want to change career or advance their education they do second Masters, e.g. MBA etc.
PhD trains people mainly for academics. If you like to see yourself as professor it is a good idea. It can be painful at times, depends on research advisors, universities etc. Finances are important as well. American universities are not very good when it comes to finances. Many students drop-out because universities stop funding. European universities are more kind towards students in terms of funding etc.
It totally depends what one wants to do. Always remember – “Do what you Love, Love what you Do”.
All the Best!
I have shared my thoughts on this question on Quora: https://www.quora.com/Which-one-is-better-A-PhD-or-a-2nd-masters-BTW-Im-a-computational-architecture-masters-student-in-Iran-and-Im-interested-in-pursuing-higher-studies-in-energy-efficiency-or-sustainable-architecture-approach-Do-you/answer/H-Rajput-3
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