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It all depends. Dilution is a real killer. You may have 0.5% today, but what about after Series B? Or, heaven forbid, a down-round?

Even if you sustained no dilution, 0.5% of $100M is only $500K. Don't get me wrong, $500K is nice, but by no means is that life-changing money.

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Agreed re: dilution - that's the reason I inserted "at stage X" in the original question on expected value.

$500k is life-changing money, but not FU-money. You think that not having to worry about rent and food and medical bills wouldn't change your life?

It isn't even life-changing money. It's most of a house here in Seattle, or a quarter of a house in the valley. That's nice, but not life-changing.

It could well be life-changing, depending on your circumstances and condition.

There are parts of the US where it's a big house and almost enough to retire on, if you're lazy and willing to live cheap. It's definitely a few years of runway, if you've got an idea you want to explore. It's definitely a no-loan college education.

True. It's a couple acres, a nice trailer, and a lifetime of property tax and utilities in Idaho.

Or a decent house in a nice neighborhood and $14k a year indefinitely in the Midwest.

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