Don't forget that equity doesn't vest immediately. If you take a pay cut in exchange for equity but you leave or are let go before your cliff, you've essentiall

Don't forget that equity doesn't vest immediately. If you take a pay cut in exchange for equity but you leave or are let go before your cliff, you've essentially forfeited a portion of your compensation package in exchange for nothing. I guess this should be obvious, but it may not seem like a real consequence when the founders are asking you about what kind of car you think you'll buy when the start-up explodes.