Should I count my startup equity as part of my portfolio when I decide how to invest my liquid money?

It helps to see it clearly: your startup equity is real, but it's usually illiquid, concentrated, and can go to zero. So while it is part of your net worth, most people don't treat it as the risky slice of an investable portfolio, because you can't rebalance it, sell a bit, or rely on it. A practical approach is to plan your liquid money as if the startup might return nothing, then treat any actual exit as upside. That keeps you from doubling down by loading your cash into more high-volatility bets on top of an already huge one. Emotionally this is the hard part, believing in your company while hedging your own finances, and both can be true at once. None of this is a recommendation for your case, and valuations and the tax on any eventual sale change over time, so confirm specifics with a qualified advisor.