Most people think angel investing is locked behind wealth, complexity, or Wall Street-level expertise.

In Ep#14 of Angels Decoded, Cheryl Kellond and Andy Walsh unpack a very different reality: many accredited investors already have capital sitting in plain sight. They just don’t realize they can use it.

The episode starts with a simple but powerful point. If your retirement accounts are quietly sitting in ETFs or public markets for the next 10 to 15 years, that timeline already mirrors startup investing. The issue isn’t access. It’s awareness.

Cheryl shares how discovering she could invest through an old IRA completely changed her relationship with angel investing. Instead of needing new disposable income, she realized she could redeploy existing retirement capital into startups she believed in.

From there, the conversation expands into one of the most overlooked areas in startup investing today: donor-advised funds (DAFs).

Most DAF capital sits passively in public markets, despite being designed to create impact. Cheryl explains how new platforms and charitable intermediaries are making it easier for people to deploy those funds into mission-aligned startups while still preserving the charitable structure and tax advantages.

The bigger takeaway: you may not need more money to start angel investing. You may simply need to understand where your existing capital can go.

Topics covered:

• Why most people misunderstand access to angel investing
• How IRAs and old 401(k)s can be used for startup investing
• Why traditional custodians rarely explain these options
• The rise of alternative investment custodians
• What donor-advised funds (DAFs) actually are
• How DAF capital can support startups and impact investing
• Why “money hiding in plain sight” is the real unlock
• The psychological barriers stopping new angels from starting

The barrier often isn’t capital.

It’s knowing the rules of the game have already changed.

Listen: Apple | Spotify | YouTube

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Andy Walsh
2x exited founder and host of Startups Decoded (Top 2% globally). Andy helps founders sharpen judgment and build companies through practical experience and operator insight.

Cheryl Kellond
Founder of Play Money and active angel investor. Cheryl focuses on democratizing angel investing and helping new investors build diversified portfolios while supporting founders with practical guidance and community.

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