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For me, it depends on stage and risk tolerance. Early 20s and single? I was more willing to gamble on equity. Now with a mortgage and kids, I lean toward guaranteed income. I still negotiate for some equity, but I focus on base + bonus more heavily.
Equity is never guaranteed, always focus on guarantees - salary/bonus with smaller equity component. Employees are often offered stock at better points, you can always invest when the time comes and get smaller equity all along but with calculated and known salary and bonus.
A dollar today is worth more than a dollar tomorrow due to inflation + time