Stop Apologizing for Wanting to Make Money: Why Women Over 40 Are Ditching Charitable Investing for Real Wealth
The uncomfortable truth: women are taught to give their money away. It's time to invest it instead—and unapologetically expect returns.
Angel investing sounds like a term reserved for the wealthy and connected—yet it’s one of the most powerful tools for building wealth that women are systematically excluded from. In this episode of Going the Distance with Go Long, I sit down with Megan McNally, a corporate attorney and founder of FBomb Angels Investment Club, who spent years watching talented women get shut out of the investment world.
This conversation moves beyond the mythology. We explore what angel investing actually is, why women, especially women over 40, have been conditioned to give their money away charitably instead of investing it to grow their own wealth, and the specific flavor of misogyny that exists in startup spaces. Megan unpacks how women can build communities where raising your hand to ask questions is celebrated, and why the traditional competitive investment model needs reimagining.
Whether you’re curious about angel investing but don’t know where to start, frustrated by the glass ceiling in male-dominated spaces, or ready to stop apologizing for wanting to build wealth, this episode offers both practical insights and the permission structure you’ve been looking for.
NOTE: This episode does not constitute investment advice nor legal advice. Please check with your attorney and/or financial advisor before making any investment decisions.
About Megan
Megan is a Seattle-based attorney, strategy consultant, and community builder. She brings executive-level leadership and on-the-ground tactical experience to all aspects of organizational strategy, design, and change management. Her clients appreciate her empathy, humor, and collaborative approach whether reimagining the future or solving complex problems getting in the way of impact today. Some call her a Board Whisperer for her ability to facilitate meaningful conversations in the board room that lead to better governance.
Megan’s career has spanned three decades, most sectors, and many industries. She has served as an organizational leader, consultant, educator, and public speaker, including executive roles with the NPower National Network, Washington State Bar Association & Foundation, Pacific Science Center, and Diana Sports|TV, a sports media startup she founded to help sports fans discover and connect with women’s sports. A former instructor at the University of Washington Daniel J. Evans School of Public Affairs and the office of Continuing and Professional Education, and former department head whose team ran continuing legal education for Washington state’s 40k licensed legal professionals, Megan is a lifelong learner about adult learning.
She is also a fierce advocate for gender equality. In 2017, Megan founded the The FBomb Breakfast Club - a peer support community of 5,000+ female founders and women business owners that earned a spot as a finalist for Geekwire Newcomer of the Year 2018. In 2022, Megan co-founded FBomb Angels, a community dedicated to activating more women angel investors, and FBA Capital LLC, the backbone organization supporting its syndicated investments.
Today Megan serves on the University of Washington Nonprofit Management Advisory Board, remains actively involved in the Seattle University School of Law alumni community, and is a frequent startup advisor and nonprofit legal volunteer. She has been featured in Geekwire, the Puget Sound Business Journal, Seattle Lawyer, and more, and is a frequent speaker on startups, innovation, and the power of community. She is a two-time winner of The Moth storytelling competition.
Megan is a zealous sports fan, a brunch aficionado, and a lover of public libraries.
Major Topics Covered
Megan’s shift from environmental law to business law as well as building community.
The definition of angel investing and the origins of it.
Deciding when it makes sense to go to a bank for a loan vs. angel/venture capital.
The Peloton reality check: angel-backed startup → unglamorous years of grinding → IPO darling → bonkers growth → scaling nightmares
Angel investing involves trust-based capital, not just evidence-based.
Investing early can lead to greater potential returns but comes with risks.
Women investors should not view their investments as charity.
Assumptions made about women pursuing certain fields of law and always having to “qualify themselves” to men
Quick Takeaways
Megan: Women shouldn’t feel obligated to give money away charitably if they don’t want to. The origins of angel investing came from patrons who explicitly said they didn’t want to just give money away charitably—they wanted to invest for returns. Women deserve that same opportunity to build wealth for themselves rather than always channeling their money toward altruistic or charitable endeavors.
Jill: When you bring together a group of people with diverse lived and professional experiences in a well-facilitated space, you can make better decisions than you would alone (and I have the battle scars to prove it). Individual biases are harder to spot when you’re the only one evaluating something, but a group with different perspectives can identify and interrupt those biases, leading to more meaningful conversations and shared decisions.
Resources Mentioned During the Show
FBomb Angels Investment Club - https://www.fbombangels.com/
“How I Built This with Guy Raz”: Interview with John Foley, Founder of Peloton
Ways to Connect with Megan
Ways to Connect with Go Long
Sign up for Go Long’s newsletter
Get yourself Micro-Accountability now (coaching via text)
Follow on LinkedIn, YouTube, Instagram, BlueSky, Facebook, Spotify, and Apple Podcasts
Go Long recommends listening to the entire podcast for context, but knows you are all busy people, so below you will see timestamps. This episode is also available on YouTube.
Timestamps
00:00 - Introduction to Go Long and Angel Investing
04:53 - Megan’s Journey: From Environmental Law to Angel Investing
10:29 - Understanding Angel Investing: Demystifying the Term
18:53 - The Risks and Realities of Angel Investing
28:41 - Angel Investing vs. Traditional Bank Loans
31:41 - Understanding Funding Vehicles
34:11 - The Misconception of Investment as Success
37:44 - Women Investing in Women: A New Perspective
39:38 - FBomb Angels: Investing with Purpose
48:40 - Creating a Safe Space for Learning
50:47 - Reevaluating Investment Models
52:53 - The Future of Women in Investing