From my experience so far in an engineering graduate program, you won't hinder your chances of landing a job in industry by pursuing a PhD. The degree itself makes you very versatile even if you don't work on your dissertation topic after you graduate. While it may make you overqualified for typical BS/MS type jobs, but you're opening a lot of other doors in startups and management positions. You don't really sacrifice much by pursuing a PhD as opposed to a masters, a few of my labmates have families and young children, you have to really focused financial planning and spouse income helps a bit but it is doable.
