Former Agule County MP Francis Mukula has advised newly elected legislators to manage their finances carefully, clear their debts before leaving Parliament and invest in businesses that can sustain them after politics.
Mukula, a member of the ruling National Resistance Movement (NRM), said many politicians risk financial difficulties after losing elections because they spend heavily on their constituents without putting aside enough money for their personal needs and future investments.
In a telephone interview with Bbeg Media, Mukula said legislators should begin planning for life after Parliament while still in office rather than waiting until they lose an election or complete their term.
“I advise my new colleagues to clear all their debts before leaving Parliament. By the time you are out, you should be debt-free, and then you can invest,” Mukula said.
The former legislator, who has a background in accountancy, administration, procurement and logistics, urged MPs to strike a balance between supporting their constituents and building their personal financial security.
He advised legislators against spending all their earnings on political activities and donations, saying they should retain a substantial portion of their income for savings and investment.
Mukula recommended that MPs consider setting aside about 70 per cent of their available funds for savings and investment while using the remaining 30 per cent to support community needs and other commitments. The proposed split was his personal advice rather than a formal financial rule.
He also cautioned legislators against relying entirely on government projects to sustain themselves financially, noting that such opportunities are not guaranteed and may change with political circumstances.
According to Mukula, MPs should establish independent sources of income instead of assuming that their political connections will continue to provide business opportunities after they leave office.
He said developing a stable financial foundation while still serving in Parliament would help legislators adjust to life outside elective politics without losing their financial independence.
Mukula also emphasised the importance of having the right mindset when dealing with electoral outcomes. He said politicians should prepare themselves psychologically for both victory and defeat instead of treating an election loss as the end of their careers.
He argued that a stable mind, realistic expectations and early financial planning can help former legislators maintain their dignity and continue contributing to society even after leaving public office.
The former MP encouraged legislators to explore financial products such as education and medical insurance, bonds and shares as part of their long-term investment plans.
He said such businesses could provide a financial cushion when parliamentary salaries, allowances and other benefits are no longer available.
On property investment, Mukula encouraged legislators to consider buying and selling land as well as investing in rental housing.
He pointed to the demand for housing in Uganda, driven in part by population growth and urbanisation, as an opportunity for investors. However, he said MPs should approach such investments with proper planning and an understanding of the costs and risks involved.
Mukula has maintained a public profile since losing Agule County to Derrick Orone, the NRM caucus publicity secretary, in the parliamentary election.
He said maintaining his assets and lifestyle after leaving Parliament demonstrates the importance of preparing financially before exiting elective politics.
Mukula attributed his ability to navigate life outside Parliament to financial planning, hard work, continued engagement in other activities, family stability and his faith in God.
He described his time away from elective politics as a temporary break rather than the end of his ambitions.
