DSP's Loan & Savings Company

[Authentic Sauce]

Someone tonight through a cheer asked if his mortgages we're adjustable rate or fixed. He says his mortgages are fixed, but his credit cards and some unsecured loan he is worried about the interest rates increasing.

Edit: Soapqueen beating me to it with an edit.

 

[Cornstarch Colonizer]

Someone tonight through a cheer asked if his mortgages we're adjustable rate or fixed. He says his mortgages are fixed, but his credit cards and some unsecured loan he is worried about the interest rates increasing.

Edit: Soapqueen beating me to it with an edit.

I watched the Snort Burnell's recut of the stream. He definitely let it slip the his second mortgage is an ARM.

 

[James Smith]

There's no such thing as refinancing an adjustable mortgage.

 

[DarkSoulsPhil]

Someone want to explain this new mortgage lore in laymans terms? And which is more likely? Somehow i dont see him having good enough credit to get fixed

 

[James Smith]

He's either trying to refinance a fixed rate mortgage (or two) to get lower payments or he's trying to get a HELOC (home equity line of credit / home equity loan) with an adjustable rate mortgage.

 

[actually]

Someone tonight through a cheer asked if his mortgages we're adjustable rate or fixed. He says his mortgages are fixed, but his credit cards and some unsecured loan he is worried about the interest rates increasing.

Edit: Soapqueen beating me to it with an edit.

There's no such thing as refinancing an adjustable mortgage.

If he was able to put a sizable down payment down, would that override potentially (likely) poor credit rating?

 

[James Smith]

If he was able to put a sizable down payment down, would that override potentially (likely) poor credit rating?

For an FHA loan yes.

 

[Authentic Sauce]

There's no such thing as refinancing an adjustable mortgage.

What do you mean by this, doing a refinance to a fixed rate mortgage before an ARM adjusts is very common.

 

[James Smith]

What do you mean by this, doing a refinance to a fixed rate mortgage before an ARM adjusts is very common.

I suppose he could be doing that, I don't know.

 

[Freshtodeath]

well he charged all those credit cards in 2014. Then in 2015 he got the "business loan" whatever that means. Then in 2017 is when the paypigs started. Perhaps just a bit too late. He can't be putting much toward his debt simply because his monthly expenses are so high.

 

[DarkScrubPhil]

For those of you who don't live in the United States, the federal government has a progressive income tax structure. This means that each dollar of income is taxed at different rates depending on how much money makes. This post is an attempt to estimate how much money Phil makes.

Phil has said that he owes an estimated 16,000 dollars. Assuming that there are no credits or penalties (or that they equal to each other), we can say that 16,000. From there, we can get a good estimate of what his adjustable gross income is by using the tax tables.

The first 9,700 dollars would be taxed at 10%, or 970. So, 16,000-970 = 15,030

The next 29,775 dollars would be taxed at 12% or 3,573. So 15,030 - 3,573 = 11,457

The next 44,725 dollars would be taxed at 22% or 9,839. So, 11,457 - 9,839 = 1,618

Thus, Phil's last bit of tax dollars would be taxed at the 24% tax rate. Thus, 1,618 / 0.24 = 6,741

Note that I trunicated all decimal points.

Adding it all up, Phils AGI would be 9700+29775+44725+6741 = 90,941

This is what tax accountants would call his "line". Anything below the line (e.g. credits) would be taken away, but I can't think of any that would be applicable. Phil makes too much money for things like the EIC, doesn't have educational expenses, and his mortgages would be deductibles.

And speaking of deductibles, here's the great mystery of this whole thing. How much does Phil deduct?

Phil is self-employed so he probably has a whole bunch of things he can deduct. Things like his mortgages, "business expenses", the taxes that he pays being self-employed such as the FICA taxes and Washington's B&O tax.

The standard deduction for an individual is 12,200, so we can use that as a basis for our estimation. Because he owns a business, he probably does individual deductions rather than the standard deduction, but the standard deduction does give us a minimum.

Thus 90,941 + 12,200 = 103,141. Again, this is a minimum, and it's most likely higher. If I were to guess, I would say that he makes about 110,000 to 120,000 for the year.

And that's not counting the quarterly payment penalty that he'll have to pay, which will add in about 3,000 - 4,000 to his tax bill. I'll work on that in the future.

Anything I missed? Questions?

 

[CatParty]

You did a lolcows taxes lol

 

[DarkScrubPhil]

Naw, just gave a rough estimation of how much money Phil is making with all his begging. ;p He did the taxes, I just worked backwards.

 

[actually]

Thus 90,941 + 12,200 = 103,141. Again, this is a minimum, and it's most likely higher. If I were to guess, I would say that he makes about 110,000 to 120,000 for the year.

FWIW, this matches up well with the Youtube + Patreon + Twitch 2018 income I came up with based on my tracking. The range was like $100k-130k of pre-tax income depending on what his Youtube CPM is.

 

[millais]

One thing I always wondered is how Phil's estimated streaming/Youtube income compares to other people who make streaming/Youtube as their primary source of income. For the size of his Twitch/Youtube following, is he above average, below average in income?

 

[actually]

One thing I always wondered is how Phil's estimated streaming/Youtube income compares to other people who make streaming/Youtube as their primary source of income. For the size of his Twitch/Youtube following, is he above average, below average in income?

I would bet above average given how much whaling goes on.

 

[Prince Lotor]

One thing I always wondered is how Phil's estimated streaming/Youtube income compares to other people who make streaming/Youtube as their primary source of income. For the size of his Twitch/Youtube following, is he above average, below average in income?

As an estimate I would say for the 'average Twitch streamer' to take home what Phil did from Twitch this year (approximately $70K, not counting E7's whaling), a streamer would need to have an audience of around 1,250 subs ($37,500+ per annum from just subs) to maybe 1,600 subs ($48+K per annum from just subs) to reach the level of Phil's 2018 income after you add whatever cheers and tips they will also get for that whole year. So like triple to quadruple what Phil's Twitch audience is to make a similar amount to Phil.

Phil milks the fuck out of his little paypiggy audience.

On the other hand their is the Youtube variable. A streamer of that size would likely be able to maintan a relatively successful Youtube channel, but might not get anywhere near the views Phil gets. For example the Overwatch player Kephrii has probably somewhere between 1-3K Twitch subs and his Youtube monthly views for the last year range between 1-2 million and the year before that 2-3 million, so someone with a Twitch sub base of 3 to 7.5 times that of Phil is getting a comparable monthly viewcount out of their Youtube channel.

Let's rough this up just for the sake of argument, let's say Kephrii has 3K subs = $90k, lets say 20 million Youtube views for this year at a $2 CPM = $40K. We're at $130K from subs + ad revenue. Let's say he doesn't get some ridiculous amount of tips and cheers, and Kephrii doesn't have a patreon that I know of, and call the rest $30K, that puts Kephrii at $160K from Twitch subs + tips + cheers + Youtube revenue compared to Phil's $100-130K from the same sources. . .that's not that far off. . .I kind of wish I hadn't thought about this now . . .at least Kephrii does have endorsement deals and other ways he gets payed for playing vidya that push him well past Phil, and I bet people actually buy his merch . . .

 

[Raven'sChild]

While watching dsp these last few days i've just been thinking of the fine folks in this thread who literally called that he took out loans/cards that were a promotional rate and now he maxed them out and fucked himself while they expire

He said he has been rolling them over onto NEW credit cards with 0% promo rates. Gonna go out on a limb and say his outstanding balances have exceeded the balance transfer of any new 0% promo card he'd qualify for, thus his problem.

 

[James Smith]

One thing I always wondered is how Phil's estimated streaming/Youtube income compares to other people who make streaming/Youtube as their primary source of income. For the size of his Twitch/Youtube following, is he above average, below average in income?

I know a streamer with less than 20K subs on YouTube who made about $7K in tips during 23 YouTube streams. They don't have enough followers to be partnered (2K is required) but they do Mixer streams and get tips during them too.

That's better than DSP gets between Twitch and tips many months.

EDIT: I looked up @actually summary of December 2018 and they estimated $19,955.16 - $21,775.16. Take away $12K for the gifted subs from tut and assume all the rest is income he can expect every month (it's not, he did get some extra drama/pity donations) and you get about $8K-$10.75K. DSP does not make good money for someone with 60K followers on Twitch, 186K subs on YouTube, and 24K followers on Twitter.

Because most of his followers are not people who actually care about him and his content. They're people like us.

 

[Freshtodeath]

He makes way more than he should. He's been running above expectation for awhile. I just have a feeling a lot of this money he gets is thrown in the incerator aka just goes to revolving debt. So its not like he's really inproving his situation. He'd probably need a big lump sum fir that such as refinancing house or winning lotto. Even then if he got a lump sum i'm not so sure he'd even put it towards debt. He'd probably do something dumb like go on vacation or buy kat a car.