Sure, but now at 65K, I can barely afford my rent. You're asking me to live paycheck-to-paycheck for the idea that you MIGHT make it, and we all know the statis

Sure, but now at 65K, I can barely afford my rent. You're asking me to live paycheck-to-paycheck for the idea that you MIGHT make it, and we all know the statistics for startups: most of them don't make it. So now you're asking me to take a 55K salary cut, promising me imaginary money that will be (I'll give you the benefit of the doubt) worth the difference in 4 years, and in the meantime, I can barely pay my bills, barely have a social life (because I'm working so hard to make your company successful AND because I have no money). I don't mind working at a startup, but like OP said and like I've said before, I would really have to believe in the company, and it would have to be a C-level position or better. In my experience, I get that 55K cut and 0.5% equity, which just isn't quite worth it. But again, like OP said, the goal is to "pay market rate as soon as you can," and I'm merely pointing out that equity is not a replacement for salary -- my landlord won't accept equity as rent. You still have to pay me enough to not feel like I'm drowning -- and the equity has to be enough to make me want to work my ass off to make your company succeed.