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I have a single peeve with this otherwise excellent article: "My after-tax salary is less than $100,000 USD/year, so by definition it is impossible for me to exercise my options without borrowing money."

This fact isn't true "by definition". It's true "by arithmetic". We say a fact is true "by definition" if it isn't true for any other reason. [1]

[1]: http://lesswrong.com/lw/nz/arguing_by_definition/

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Last I had options there were companies(etrade in my case IIRC) that will do the whole buy/sell for you; they flip them instantly and give you the cash. I suppose that depends on the type of options and how the company has it setup?

It's not even a fact - she can exercise the options more slowly than she is given them and still exercise all of them.

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