Why do rich, self-funded candidates tend to do so poorly?

According to a June study by the National Institute on Money in State Politics, only 11 percent of self-funders won their races between 2000 and 2009. Yet that hasn’t stopped a slew of wealthy aspirants from trying anyway. Perhaps smelling an opportunity given the anti-incumbent climate, more self-financers than usual are running—50 in congressional races alone, according to the Center for Responsive Politics. “They probably will do better this cycle,” says Jennifer Steen, an Arizona State University professor and expert on the issue. “But I still think a lot of them are going to lose…Their lack of experience is usually devastating.”

Many of these rich candidates work off a similar script. Since they don’t have to worry about fundraising, McMahon and others argue, they can’t be bought by special interests. And because their experience comes from the “real” world, they bring a more practical skill set to office. Yet these very characteristics often spell doom. “Raising money from donors is part of campaigning,” says Ray La Raja, a political-science professor at the University of Massachusetts Amherst. It’s “a test of whether people think you’re viable.” He also says that if you aren’t beholden to anyone, that means no one is beholden to you. Self-funders typically lack the network of contributors, volunteers, and voters that traditional politicians build up through the years.

These candidates’ lack of seasoning often shows on the campaign trail. They commit avoidable gaffes. They veer off message. They don’t manage the media effectively.