[truthseeker]

This is exactly the reason why I've never been interested in working for a startup. Learning experience? Yeah, I've got that working during the dotcom boom/bust cycle.

Your reasoning is spot on but the numbers get even more unappealing once dilution in future rounds of financing kicks in.

If you have the experience, be a co-founder at a startup with pretty big upside. If you can't find that, the 150K/year salaries are a much better deal than <5% equities.