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> Pretend the equity is worth zero or close to zero (which it almost always is)

In a startup or private company yet to IPO sure.

In an established, large, public company, RSUs, ESPP and whatever else you get is definitely going to deliver cash. Sure as the market moves around it'll change in value but you might look at it as +- 20% of the expected value. It's certainly not worth 0.



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