(FORTUNE Magazine) – Money alone won't buy the Texas billionaire the presidency. ''If Ross Perot's message were the same as George Bush's,'' says GOP political analyst Kevin Phillips, ''his money would hang him.'' But couple $100 million or more with Perot's dynamic personality and powerful populist call for change and you get the first competitive independent bid for the White House since Teddy Roosevelt ran as a Bull Moose in 1912. He helped split the Republicans and Democrat Woodrow Wilson squeaked in. Perot's commitment to spend ''whatever it takes'' gave him credibility and flexibility. It freed him from the distracting and potentially corrupting process of raising money from special interests. And since he has also promised not to accept federal election funds -- unlike President Bush and the certain Democratic nominee Bill Clinton -- he can do whatever he pleases with his money. (See table for suggestions.) His federally funded opponents, however, limit themselves to $55.24 million in direct campaign expenditures, plus $10 million from their national parties. In addition, the parties can spend so-called soft dollars, raised mostly by special interest groups, for ticket building. In 1988, GOP soft spending hit $65 million. But key expenditures for media and campaign talent are still limited to $55.24 million. Although Perot's campaign co-managers Ed Rollins and Hamilton Jordan deny they are being paid millions, Perot offered other top political hands seven-figure paychecks. If the going gets tough, the billionaire could easily double the $30 million media budgets of Bush and Clinton. Hey, money isn't everything, but it sure helps.

CHART: NOT AVAILABLE CREDIT: MARIA KEEHAN FOR FORTUNE/PHOTO BY S. PUMPHREY CAPTION: WHERE PEROT COULD SPREAD $100 MILLION