> When calculating expected value of private stock/options I multiply by a factor of ~10 at the end. For early stage startups? I just go ahead and value them a

> When calculating expected value of private stock/options I multiply by a factor of ~10 at the end. For early stage startups? I just go ahead and value them at zero. Ownership of equity in pre B series tech startup is, for me, about the same as ownership in a lottery ticket. It has some value in that it's fun to dream about what might happen, but that's pretty much it. I am still likely to jump on start-up offers (I'm kinda waiting on two to form a little more fully right now) where I _know_ the salary will be below market rate, but where I also know the "mission" is something I care about and the team are people I want to work with. But I'm going to do that still valuing the equity at zero. If things work out like the pitch deck says, yeah maybe I'll make 7 figures out of it. But I'm not gonna assume that'll happen, even if the pitch deck success _does_ happen, I'd expect to have been diluted along the way to only end up with 6 or 5 figures.