[longlistener]

You need to consider what you want out of that money -- if you really want a fiscal return on your investment then you should stay away from startups. But if you serious...

First you should probably not consider being a simple angel investor unless you really know what you're doing. Unless you fully expect to lose all that money, with little to show other than a business card. The experience of being an angel investor will only really benefit you if you expect to have another infusion of cash in 6 months that you can blow through.

A more prudent course is to find a partner who might have an idea and an advisor who has been through the world of startups and stock before (they could be the same person, but just make sure the partner is not taking you for a ride). Then build it! Know that you can go for sometime without raising money, paying your bills out of the savings. Odds are you will still lose your money, but you will have learned a lot in the process -- including some learning that will really help you to be an angel investor in the future.