Contributing to Your Own Campaign
Tuesday
Apr 28, 2009
Most candidates end up putting at least some of their own money into their campaigns. They tend to turn to their own funds for start up expenses, bridge loans when cash flow is down and for the extra money to get out that last bit of campaign advertising before the election.
Before you start your campaign (or right now if you’ve already started), you need to take a cool, clear, calculating look at your personal finances and decide how much money you can afford to lose on your campaign. How much is the experience and education you can gain from the campaign worth to you? Don’t look at it as an investment in an office you will later hold, look at it strictly as money you will never get back.
I know that sounds a bit dreary. You want to think positively about your chances of winning and you are eager to throw yourself wholeheartedly into your campaign. However, the fact remains that most candidates lose and an awful lot of them end up deeply regretting how much money they spent on the campaign.
The worst time for candidates to make decisions about spending is in the heat of the battle when they need just enough for that last mailer or radio ad and everyone is telling them they are going to win if they can just do this one extra thing. Please don’t throw money into your campaign that way. I know of one consultant who found that he suddenly had enough money for some last minute advertising when his candidate took out a second mortgage to try to put himself over the top in the election. The candidate assumed that he would get the money back by raising money after the election. He lost by a handful of votes and had to spend years paying off a loan that he really couldn’t afford.
So, sit down before the campaign heats up and decide on an amount that makes sense for you to spend on your campaign. If you are married, you should definitely involve your spouse in this decision. Write the number down and do not waiver from it when the campaign heats up. I have seen way too many people go into debt on losing campaigns. And, if you win, you will have to spend a lot of time raising money to pay yourself back and that’s not such a great place to be either.
