I can't believe I'm gonna say this...
I AM one of those masters degree-endowed individuals who has yet to break $50k/yr. Of, course, I'm a teacher, so that might have something to do with it.
It's a shame that the really good, tealented and honest techs get lumped in with the deadbeats. There's a guy not far from where I live who just opened his own small (2 bay)shop. He has at least two people working for him and charges $70/hr for labor. But he is a small town guy who does not charge everyone for every little thing. Unfortunately, he is not breaking records in terms of income, but he has begun to make a very nice reputation for himself. I bet he sleeps well at night. He's not greedy, but he is comfortable. He's definitely worth $70/hr to me.