BlogOct 19, 2026 · 2 min read
( the newest one )
Model Your Angel Returns Before You Write the Check
Angel returns depend on check size, dilution, and exit timing. Use a simple calculator to model single checks and see why small checks can add up.
Notes on first checks
Essays and guides from the Play Money team.
Recent posts
37 more in the archive- BlogSep 23, 2026 · 4 min read
Dilution Isn’t the Enemy
Angel investors panic at dilution, but it usually signals a rising valuation. Learn why doubling down to protect ownership backfires, and how cram downs work.
- BlogAug 26, 2026 · 1 min read
Deal Lead Deep Dive: Pam Scott, Impact Invest Her
Operators, advocates and seasoned investors rarely agree. That friction is the point. Inside the posse model, the pro-con call and the armrest test.
- BlogJul 29, 2026 · 4 min read
Pre-Money vs Post-Money SAFEs, Explained
Pre-money caps, post-money caps, discounts, and uncapped notes each change how a SAFE converts to equity, and the right structure depends on deal stage.
- BlogJul 23, 2026 · 9 min read
Is Angel Investing Right for You? What to Know Before Your First Check
Most angel deals lose money, and you do not need a finance degree. The three tests that decide whether angel investing is right for you before your first check.
- BlogJul 22, 2026 · 9 min read
What Is Carried Interest? Carry, Explained With Real Angel-Deal Math
Carried interest (carry) is the profit share paid to a deal's organizer, and only after investors get their money back. Here is the real angel-check math.
- BlogJul 22, 2026 · 9 min read
Pro-Rata Rights, Explained: The Angel’s Exercise-or-Pass Framework
Pro-rata rights protect your ownership percentage, but exercising them isn't automatically right. Here's the math and a three-check decision framework.
The archive
Everything else we’ve published, newest first.
2026
37 posts
- BlogPre-Money vs Post-Money Valuation: What Angels OwnBlog9 min
- BlogWhat Is a Term Sheet? The Clauses Angels Actually Need to ReadBlog9 min
- BlogWhat Is an SPV? Special Purpose Vehicles in Angel InvestingBlog8 min
- BlogAngel Investing Glossary: 16 Terms Every Angel Needs, Grouped by DecisionBlog9 min
- BlogHow to Become an Accredited Investor (and How to Tell If You Already Are)Blog9 min
- BlogWhat Is Dilution? Why Your Percentage Shrinks as Your Stake GrowsBlog8 min
- BlogWhat Is a SAFE Note? How It Converts to Equity, ExplainedBlog9 min
- BlogShould New Angels Buy Pre-IPO AI Shares? The Beginner Portfolio-Math AnswerBlog9 min
- BlogPre-IPO SPV Fee Layering: Count the Layers Before You InvestBlog11 min
- BlogHow to Evaluate Startup Founders and Deals: An Angel Investor’s FrameworkBlog11 min
- BlogBest SPV Platforms Compared: AngelList, Sydecar, Carta, Allocations, Play MoneyBlog11 min
- BlogThe 14 Best Angel Investor Networks and Communities for WomenBlog14 min
- BlogAngels Decoded Ep#20: The Three Deadly Sins of Local Angel GroupsBlog1 min
- BlogBest Angel Investing Groups and Communities: How to Find and Join OneBlog10 min
- BlogThe Deal You’re Waiting For Is in Your BackyardBlog4 min
- BlogHow to Start Angel Investing With $10,000: A Realistic First-Portfolio FrameworkBlog11 min
- BlogDMV Angel Investing: A Guide to DC, Maryland, and Virginia StartupsBlog11 min
- BlogAtlanta Startup Investing: A New Angel’s Guide to the Southeast MarketBlog12 min
- BlogAlabama Startup Investing for New Angels: Exits, Deal Flow, and Public CapitalBlog9 min
- BlogGMV vs ARR: How Angel Investors Read Startup RevenueBlog10 min
- BlogDilution Isn’t the Problem. Not Understanding It Is.Blog2 min
- BlogThe DAF Holder’s Hidden Questions: A Field Guide to DeploymentBlog12 min
- BlogThe Lurker’s Guide to a Windfall: A 90-Day Decision FrameworkBlog11 min
- BlogThe Angel Investor’s Tax Toolkit: QSBS, K-1s, and Charitable Strategy After the OBBBABlog11 min
- BlogSelf-Directed IRA Angel Investing: Roth vs. Traditional, UBIT, and Prohibited TransactionsBlog11 min
- BlogHow Angel Investors Make Money: Returns, Exits, and the Real DistributionBlog12 min
- BlogAngel Investing Deal Mechanics: SAFEs, SPVs, and Priced RoundsBlog12 min
- BlogAngel Investing Portfolio Strategy: The Power Law, the 30-Check Threshold, and How to Size Your ChecksBlog11 min
- BlogHow to Invest in Startups: A First-Time Guide Before You Call Yourself an AngelBlog9 min
- BlogBest Angel Investing Platforms: Reg CF, Reg D, and How to ChooseBlog11 min
- BlogHow to Angel Invest in Climate and Deep Tech: Andrew Eil’s Six-Part FrameworkBlog10 min
- BlogSmall Checks, Big Impact — The Real Math of Angel InvestingBlog2 min
- BlogWrite Checks First. Build the Thesis Later.Blog3 min
- BlogSPV vs RUV: Two Angel Investing Structures ExplainedBlog8 min
- BlogAngels Decoded Ep#15: Why Your Angel Thesis Shouldn’t Exist YetBlog1 min
- BlogAngels Decoded Ep#16: Why Angel Money is the Best Capital a Founder Ever TakesBlog1 min
- BlogCan You Invest Your Donor-Advised Fund (DAF) in Startups? Here’s How It WorksBlog4 min