Bangari Payment System

This is a piece of work that I’m hoping to be as proud of as I was of the payment and accounting system I developed…Prouder even, because this is more complicated. Of course this wouldn’t even be necessary if I had a bunch of capital, and I could just keep paying .03 per word, cash, and sell it, without hassle, for .04. Or keep it for myself and collect the revenue until I sold it, and resold it like I’m going to explain in these next three articles.However, for Bangari to flourish, without start up capital, and to ensure everyone gets a fair shake for their efforts to make this a success…I needed to invent a system that will take all of the following things into consideration:
  1. Written content produced and sold based on .03 (buy) .04 (sell) per word minimum.
  1. Posting and promoting (link building) -like the “Buzz it up” feature I developed at Factoidz.
  1. Passive revenue earnings on our content.
  1. Management of production and systems development.
  1. Sales agent commission for turning credits into cash.

I’m calling this credit system “Bangari Bucks.” Catchy, huh? It’s loosely based on a system that works like stock in a company. A “Bangari Buck” is like a share of stock in our company, Bangari Content Gallery. Another good analogy would be “wampum”…an ingenious money system the Narragansett Indians invented to enable trade with the original settlers: Pilgrims. Read up on that if you are under the impression the Indians were stupid for trading “beads” with the white man.

Roger Williams and the Narragansetts - a 19th ...

Image via Wikipedia

When you understand how this concept was actually brilliant, you will get things about “money” that will make you see cash in a whole new way.

All the content we produce, that will hopefully include photos, audio and video…has value! Just think, it takes talent, time and effort to produce. Talent time and effort has value. Too many sites out there are capitalizing on the fact that many content producers are unaware of the value of what they are contributing to the Internet. Some are well aware, but give it away anyhow. That’s great if you are contributing to a non-profit site like Wikipedia…But what if you want to make a living wage with your talent and effort?

I think I’ve proven that a living wage for producing written content is .03 per word. This rate enables a pro like Martha Jette to earn about $30 per hour. Someone just starting out, or a slow typer..like me, may make less, but the earning potential is there for real, at this rate. We don’t have time studies on everything, but we are confident that we know where the figures are for “word smithing” so I’m basing the algorithm on that.

One credit per word. 10 credits equals one Bangari Buck. A 1500 word, RSA (Raw Spun Article) is worth 150 Bangari Bucks. It should be worth $100-$150 (American Dollars) -and we are aspiring to that. However, in the meantime, we are going to use this system of exchange, developing it further to apply to other facets of content production. This is why it is very important to document time accurately in the work complete form I made (and recently improved). Everyone will have their own individual one from now on. I need to put prices to things like photos (I’m thinking 1000 credits each, cuz a picture is worth 1000 words, right?) and lots of other stuff as we go.

Summerized: 1000 credits=1000 words=1000 credits per hour=100 Bangari Bucks per hour=$30 (real dollars) per hour

Here is another thing that makes buying, selling, trading and earning from Internet content different and more complicated than many other industries:

A 1000 word original article, taking about an hour to compose, should be worth $30 to that author. To the Inter-Web, that piece of content is worth the advertising revenue it draws, kinda like a TV show. That revenue, coming strictly from AdSense, is about $4.00 per 1000 Page Views. Here is the rub: It will very likely take that piece of content up to three years to accumulate over 7000 PVs, and thereby generate $28 for the author. Who would work a job for 40 hours a week to earn $1,200.00? Lots of folks in this economy, that’s for sure! However, what if the employer told you that he was going to pay you for that week’s work at a rate of $8 per week for the next three years?

This is what is referred to as a “pipeline”…When I was a loan officer at Countrywide we would do the work required to write a mortgage. We earned commission for that (dumb policy change that helped cause the housing market crash) although once the work was done, it was about 60-90 days for close, and another 30 after that for commission payment. See? The pipeline was all the work done, waiting up to four months for payment. A much longer turn around than clock-punching, but a lot less of a lengthy pipe-line than content production. Get it? So be patient, and stuff that pipeline! It’s the nature of the “passive revenue beast” in content production.

The Bangari Bucks system will account for that. It will also take into consideration that people can’t afford to work 40 hours and then get an $8 paycheck with a $1,192.00 I.O.U. at the end of the week. So, if we can mix up some cash on the barrel head revenue in with the spec work we should be golden! This system will allow that. Hopefully it will help content producers to resist the temptation to say, “I need some money now, not over the next three years, so give me $120 bucks and you can rip up the  $1,192.00 I.O.U.” I.e.; working for slave wages just cuz it’s cash in hand. We can still contribute to these sites and clients that pay these ridiculously low rates, but we are going to do it in a way that creates a huge benefit for the authors. We are going to totally turn the tables, and start using these content farms for a change, instead of them using us.

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