Strictly speaking, I sort of am (well, not an angel investor, but still, investing in private companies): I'm not remotely close to being accredited, and even if I were, I wouldn't ever put a large fraction of my net worth into completely illiquid investments like that, but I would and do put a small amount of money into such illiquid investments anyway, because as of last year, that is a thing that we can do now due to Title III, which I think is just super cool. I know it's not totally the same thing, only investing a few hundred dollars in a given company (most I've invested is 1k), but still.

At that level (which again, I know is totally not the same as proper angel investing), the big thing I learned too late is to pay attention to all the fees, because when you only invested $500 in something, paid a $10 fee up-front, and then learned that you'd also be charged $1 for each payment they make back to you, where each quarterly payment is likely to be ~40 bucks... that's some BS (this is for the more bond-like investments; stock-like investments are obviously infinitely spikier, where you either hit it big following an IPO or a buyout, or get nothing ever). A dollar isn't a lot if I'd invested way more, but I didn't, cause duh.

Still happy I put money in, though, as I'm way happier knowing the money is actually helping a specific ultra-micro-cap company whose vision I care about, over buying into an IPO, where by that point, maybe they're not huge, but they're still big enough to IPO. So yeah, I'd totally put about the same fraction of my net worth into that sort of investments even if my net worth were much larger (though it would have to be much larger to start touching the sort of money actual angel investors throw around.)