Yeah, I'm including equity. Equity at a public company like Google is liquid and easier to value. But usually new grad offers don't include a lot of equity. I'd say that pre-ipo unicorns can also be a great option if it's available to you. Base salaries are usually high, and equity can end up being really valuable. Recent IPOs have made a lot of millionaires.

But I do agree with you, it's high risk and there's a lot of luck involved. And it's much more important to find a job that's a good fit for you.