COMMENT | Electoral candidates must be financially stable

COMMENT | I started off this article with the initial title, “Electoral candidates must be financially independent” but discovered that there is a difference between financial independence and financial freedom.

Students of finance will learn that “financial independence allows you to be self-insured against a financial catastrophe in the case of death or disability, saving you those monthly premiums”.

“Financial freedom allows you to be self-insured against the cost of unexpected expenses and lifestyle upgrades”.

While financial freedom may suit the purpose of this article on political candidates, I opt for financial stability.

In layman’s terms, financial stability means that you are able to overcome all your financial commitments no matter the unexpected difficulties that come your way.

You are still able to support yourself, your family and those you have vowed to assist in times of need.

Unless you are able to help yourself and your loved ones first, it is clear that it would be next to impossible to help others, meaning your constituents, during tough times.

This is why I feel it is a big plus point for all electoral candidates to be financially stable.