There is so much to factor in, too. I'm pretty happy with options if my base salary gives me a decent quality of life, I certainly wouldn't work for less on a gamble, considering the failure rate of startups. Never mind the fact that you are making a secondary investment in the same place you work, so you are doing worse than putting your eggs in one basket.

It's a nice bonus that _might_ pay something out. It's not a replacement for a proper salary.

That said, I can appreciate the desire to get skin in the game. Would love to see research on how necessary that is, though.