DSP's Loan & Savings Company

[James Smith]

The only new purchases post move were business class internet, a loveseat and his new $3k PC.

I'm pretty sure that's incorrect. He also bought a bedroom set, a dining room set, and a living room set. All combined he probably spent a couple thousand dollars on furniture.

 

[Raven'sChild]

I'm pretty sure that's incorrect. He also bought a bedroom set, a dining room set, and a living room set. All combined he probably spent a couple thousand dollars on furniture.

I did not include these in my post as it was detailing the 'Business Loans'. Legally, I do not believe he could take out a Business Loan to pay for his home furnishing in rooms not designated as being solely for his business aka his office. Guess the bank/loan officer doesn't know where the money is going, but as per my post I was speaking of legit purchases for 'DSPGaming'.

 

[Haunter]

I did not include these in my post as it was detailing the 'Business Loans'. Legally, I do not believe he could take out a Business Loan to pay for his home furnishing in rooms not designated as being solely for his business aka his office. Guess the bank/loan officer doesn't know where the money is going, but as per my post I was speaking of legit purchases for 'DSPGaming'.

When Phil entered his "It's not a business, and it never was" period, "Business" was dropped, and they became simply "Loans". During the Beg-A-Thon Pt. 3 (?), they were again changed, this time becoming "Unsecured Loans". It looks like, at least to me, he's letting more of the truth slip out as the years have gone on.

According to the article I linked to above, it's possible they're still "Business" Loans, but Phil himself has let this drop. Phil could have bought his furniture sets, or whatever else he wanted, with a "Personal Loan", a type of Unsecured Loan.

 

[actually]

According to the article I linked to above, it's possible they're still "Business" Loans, but Phil himself has let this drop. Phil could have bought his furniture sets, or whatever else he wanted, with a "Personal Loan", a type of Unsecured Loan.

FWIW, I am certain I have heard him talk about taking out personal loans too. Certainly possible he was talking about those same business/unsecured/whatever loans or a cash advance or something, but the phrase "personal loan" was used.

 

[Freshtodeath]

Phil links his debt to the move across country. So he probably took out a personal loan for that. The business loan was in 2015 after the copyright strikes. And he must have spent the last of his savings on down payment for the house. Move across country probably means, the movers, the big sectional which costs like 2k, the art on walls etc.

 

[Salubrious]

DSP just admitted that he makes good money, but he massively overspent because he assumed that he would be at the same income level forever. Because the trolls fucked with him, he accumulated massive debt.

 

[Raven'sChild]

DSP just admitted that he makes good money, but he massively overspent because he assumed that he would be at the same income level forever. Because the trolls fucked with him, he accumulated massive debt.

My question is 'over spent' on what? Even with all the furniture he bought over FIVE YEARS ago, it was retail, prefab stuff not high end, future antique quality pieces that cost a bunch of money ( risking power lvl due to a friend who crafts handmade dinning room sets that cost more than D$P makes in a year). All the furniture and wall hangings he purchased should have been paid for already even at minimum payments. How can he still be carrying debt over these purchases? He wasn't ( according to him ) making LESS than he brings in now and seeing as he wasn't knee deep in tips and cheers back in 2015 when the Ad-apocalypse saw him losing his previously lucrative Machinima contract how can he be in even worse financial straits now?...aside from rolling debt onto even more zero% promo credit cards until it has reached an unfixable lvl with new cards/no longer qualifies for new ones.

 

[actually]

Even with all the furniture he bought over FIVE YEARS ago, it was retail, prefab stuff not high end, future antique quality pieces that cost a bunch of money

You're assuming that he didn't go out and buy some over-priced nonsense. He could easily have spent thousands on his furniture when you consider a living room set, kitchen items, bedroom, and anything used to outfit the "offices". Then add in that he was already kiting around credit card debt, and it's certainly feasible that he's still paying on it.

 

[NoMoreFarLeft]

My question is 'over spent' on what? Even with all the furniture he bought over FIVE YEARS ago, it was retail, prefab stuff not high end, future antique quality pieces that cost a bunch of money ( risking power lvl due to a friend who crafts handmade dinning room sets that cost more than D$P makes in a year). All the furniture and wall hangings he purchased should have been paid for already even at minimum payments. How can he still be carrying debt over these purchases? He wasn't ( according to him ) making LESS than he brings in now and seeing as he wasn't knee deep in tips and cheers back in 2015 when the Ad-apocalypse saw him losing his previously lucrative Machinima contract how can he be in even worse financial straits now?...aside from rolling debt onto even more zero% promo credit cards until it has reached an unfixable lvl with new cards/no longer qualifies for new ones.

Here is the problem with your logic. Your assumptions are based on what you deem to be a normal person and, from what I am assuming, yourself. Look at the personal crisis in America. Most people are shit with money and Phil is worse than them. Lets do some guess work math. Lets assume Phil makes $10k a month. Let us also assume that his effective federal tax rate (after deductions) is around 20%. That leaves him with $8k.

3 years ago he let slip that his mortgage on his CT condo was around $1100 and that his WA condo was about the same. Now, many things would cause that to increase such as late payments or increases in insurance that's lumped into your monthly payment. Those rates have gone up but lets be generous and say his monthly mortgage for both properties combined is $2500. That is really generous. That leaves him with $5500 a month. Still a lot of money.

Water and electric on standby for his CT residence breaks down to around $100 a month if memory serves. He is probably paying roughly $300 for his WA condo which leaves him with $5100. Then he has two internet connections in his home, one of which is a business internet connection. He is probably paying $60ish for the personal but the business one is the kicker. He has said multiple times that he has the fastest that Comcast has to offer. The fastest they have listed is the Gigabit down service which is $500/month (https://www.business.org/services/internet/comcast-business-internet-review/). If this is the case, he has $4540 left. Still a lot yes?

Then there is the car payment. Yes he downgraded cars but Phil is a dumb shit and probably got the service plan on it. That will jack up his monthly payment. Lets ballpark that at $350 which leaves him with $4190. So we got our month to month bills covered which leaves food. Lets say that between Kat and Phil, they eat on $40 a day. That is not a large number and he does go out to eat a fair amount. Phil also doesn't eat cheap usually. That alone would be $1200 in a 30 day month which would bring him down to $2990. Lets say that he buy 5 AAA releases in a month at $60 a pop. Without considering sales tax, that would bring his total down to $2690.

I know this is a lengthy explanation but do you see where I am going with this? On a six figure a year income, we have Phil down to $2690 a month and believe me that is me being generous. We still have not touched credit card debt and the supposed business loans. Fun fact, the amount of time to repay an unsecured loan scales with the amount of money borrowed. If he got a loan for $10k, a 60 month payment plan is not out of the question for most banks and is pretty common. You are being charged interest the entire time and Phil is notorious for making minimum payments, if not missing payments. A lot of bank loans heap on extra interest if you miss payments. Another fun fact is that Phil could pay down that bank loan, borrow more, and extend the loan if the bank was stupid enough to loan him money. Believe me when I say the bank would if they had reasonable belief they could get it back with shit tons of interest. Phil is a prime target for that.

It is reasonable to say that he pays between $1500 to $2k in credit card payments and bank loans. Again, he mentions how he shuffles debt around and, while he thinks he is getting around the system, he is not. He is getting fucked with interest. Guess what. Still haven't even mentioned state taxes. Still haven't mentioned any emergencies that come up that cost him. Still haven't mentioned health insurance. Still haven't mentioned Kat's debt. There are probably bills I forgot. Even if I went over with a bill here or there, like with the internet, he is still in a hole month to month. Imagine that. Imagine making $120k a year and still fucking up so badly you are in a financial hole.

I hope you have enjoyed reading my paper as much as I had writing it. Thank you teacher and thank you to the class.

Nigel Farage
Homeroom - Mr. Chiszle
1/11/19

 

[actually]

The mortgages are closer to $1500 apiece (for the CT mortgage, I'm including the condo fees). From the mrstupid1 leaks, his electricity and water for the WA condo was ~$150. That was before Kat, so maybe bump it up to like $200 or $250. CT condo utilities will be whatever the minimum monthly fees are and not more since nobody is actually using that condo. His big boy business line is $200 / month because he got the fastest that was available in 2014 when he moved in. They added Gigabit since then. Believe the other one was $100 / month for a total of $300 / month for internet. Then you need to factor in PSVue (he maybe got rid of that recently, but it was $50 / month), Netflix ($11 / month), that WWE network ($10 / month), and maybe Hulu.

State taxes are $1500 (more or less) a year, so a little over $100 a month. Phone plan, with Kat on it, is probably $80 - $100 / month. Your food and game estimates are probably reasonable. Health insurance is probably $200-$300 a month for him. Funny enough, he's not had any financial emergencies this year, so he doesn't even get to claim that for 2018.

Basically, his issues are his own. Mr. Finance major thinks he's playing the system and is just getting reamed.

 

[NoMoreFarLeft]

The mortgages are closer to $1500 apiece (for the CT mortgage, I'm including the condo fees). From the mrstupid1 leaks, his electricity and water for the WA condo was ~$150. That was before Kat, so maybe bump it up to like $200 or $250. CT condo utilities will be whatever the minimum monthly fees are and not more since nobody is actually using that condo. His big boy business line is $200 / month because he got the fastest that was available in 2014 when he moved in. They added Gigabit since then. Believe the other one was $100 / month for a total of $300 / month for internet. Then you need to factor in PSVue (he maybe got rid of that recently, but it was $50 / month), Netflix ($11 / month), that WWE network ($10 / month), and maybe Hulu.

State taxes are $1500 (more or less) a year, so a little over $100 a month. Phone plan, with Kat on it, is probably $80 - $100 / month. Your food and game estimates are probably reasonable. Health insurance is probably $200-$300 a month for him. Funny enough, he's not had any financial emergencies this year, so he doesn't even get to claim that for 2018.

Basically, his issues are his own. Mr. Finance major thinks he's playing the system and is just getting reamed.

My numbers were not far off then as certain items traded. I will say this, I am in good health and my health insurance was $300 a month back in 2016. It has only gone up since then. Phil has had health issues in the past which increase his risk factor and jack it up higher. He is getting fucked.

Another point to keep in mind regarding the mortgages is that insurance rates go up for those as well. I know this from experience. It can up from $50-$150 either every year or every other year. There is no real way around it.

The man literally has no wiggle room. He has to make a certain amount of money every single day and he is not.

 

[actually]

My numbers were not far off then as certain items traded. I will say this, I am in good health and my health insurance was $300 a month back in 2016. It has only gone up since then. Phil has had health issues in the past which increase his risk factor and jack it up higher. He is getting fucked.

Another point to keep in mind regarding the mortgages is that insurance rates go up for those as well. I know this from experience. It can up from $50-$150 either every year or every other year. There is no real way around it.

The man literally has no wiggle room. He has to make a certain amount of money every single day and he is not.

Some of the health insurance stuff depends on where you are too, but yeah, he's definitely paying at least $300, if not more. He shouldn't be near the brink, but he has managed to do so.

 

[gin_nose]

When Phil entered his "It's not a business, and it never was" period, "Business" was dropped, and they became simply "Loans". During the Beg-A-Thon Pt. 3 (?), they were again changed, this time becoming "Unsecured Loans". It looks like, at least to me, he's letting more of the truth slip out as the years have gone on.

According to the article I linked to above, it's possible they're still "Business" Loans, but Phil himself has let this drop. Phil could have bought his furniture sets, or whatever else he wanted, with a "Personal Loan", a type of Unsecured Loan.

When you run a sole owner LLC like phil, you arent a corporation so basically most business loans are still attributed to the owner directly. for example, if he got a amex business it would be his name and the business name on t he card, not just the business name.

same with loans, a lot of business loans for a single owner llc are just unsecured loans, they arent really special for the business. what i donremember is if business bankrupcy protects the owner from the loan personally in this case. its been a while since i knew this stuff.

 

[James Smith]

DSP doesn't run a one member LLC. He's just a sole proprietor meaning he's responsible for any and all "business" debts just like they're personal.

 

[Salubrious]

I don't think I've ever seen a single competent person who runs their own business not:

1) Put aside 30-40% (or whatever) of their gross for taxes. Even in today's stream, he was talking about having to pay taxes every year like it's a completely foreign concept to him or that they sneak up on him every year and he can't plan for them.

2) Not invest a single dollar back into their business. Outside of buying new games, when as DSP ever invested in new equipment? His keyboard constantly craps out on him, yet he doesn't even spend $15 on Amazon to get a new one. He admitted last week he's had the same capture card since he first started capturing.

I've never seen a 36 year old person whom taxes and business expenses were such foreign concepts.

 

[Prince Lotor]

I don't think I've ever seen a single competent person who runs their own business not:

1) Put aside 30-40% (or whatever) of their gross for taxes. Even in today's stream, he was talking about having to pay taxes every year like it's a completely foreign concept to him or that they sneak up on him every year and he can't plan for them.

2) Not invest a single dollar back into their business. Outside of buying new games, when as DSP ever invested in new equipment? His keyboard constantly craps out on him, yet he doesn't even spend $15 on Amazon to get a new one. He admitted last week he's had the same capture card since he first started capturing.

I've never seen a 36 year old person whom taxes and business expenses were such foreign concepts.

Every year up until 2018 DSP would bitch about making his Quarterly Tax payments because every year until 2018 he would pay his Quarterly Tax payments.

Then in 2018 a few months after his #SaveTheHouse backtaxes begging, that didn't even go towards paying his B&O backtaxes, he suddenly decides not to make his Quarterly Tax payments.

What changed? He used to put ALL his Quarterly Tax payments on credit cards, he at no point was ever saving the appropriate percentage of his income to actually PAY his Quarterly Tax payments with funds set aside from his income.

Phil is apparently 100% completely incapable of saving money to pay for a known future expense even for something as obvious as paying the tax liability on the money he's currently tard cumming from speds and YouTube. He had almost 9 months to save up money to pay his 2014 - 2016 B&O backtaxes and in 9 months he couldn't save up $500 a month to have to money to pay for them, while he was making like $8000 a month. In 2018 he reportedly has payed a 'Tax Attorney' $8500 to prepare and file his 2014-2017 B&O taxes plus his 2017 Federal taxes ( of his 2017 B&O taxes that were $1.5K "I've already paid $4K to deal with these [2017 B&O] taxes including 'Attorney Fees'," of his 2017 Federal Taxes "It cost $1K to have my 'Tax Attorney' file them," of his 2014-2016 B&O backtaxes that were $4.5K "It cost me $10K that I put on credit cards and I had to max them out to do it").

He dumb

 

[gin_nose]

DSP doesn't run a one member LLC. He's just a sole proprietor meaning he's responsible for any and all "business" debts just like they're personal.

If this is correct he is a moron. There is literally no reason to operate as a sole proprietorship when a single member llc is better protection for the owner, is just as easy to setup, and has zero downsides compared to s.p.

that being said, i thought his business filings were previously found and they were listed as BURNELL PRODUCTIONS LLC???

 

[James Smith]

that being said, i thought his business filings were previously found and they were listed as BURNELL PRODUCTIONS LLC???

Nope, just Burnell Productions, a fictitious name.

https://secure.dor.wa.gov/gteunauth/_/ search via Trade Name

EDIT: DSP is a faggot for paying money to register that btw. He could have just filed his B&O taxes under his name. The Washington government doesn't require every person in the state with self employment income to register a fictitious name with the Secretary of State.

 

[gin_nose]

Nope, just Burnell Productions, a fictitious name.
View attachment 639555
https://secure.dor.wa.gov/gteunauth/_/ search via Trade Name

EDIT: DSP is a faggot for paying money to register that btw. He could have just filed his B&O taxes under his name. The Washington government doesn't require every person in the state with self employment income to register a fictitious name with the Secretary of State.

Thanks! He is an idiot, he should have setup an LLC if he was going to do anything.

i guess its not really a "fictitious name" its just a name he chose for his business, if its a legit registered business is it really fictitious? or do you mean something else? unless you mean its a fictitious business because its definitely not a legit big boy business like he wants, its some dude sitting on a sad love seat begging for money daily. its even more sad when you think he will have lived his nearly entire adult life contributing nothing to society. he wont help build a single thing, he wont help fix a single thing, he wont help improve a single thing or a single persons life wont be positively improved by him. he is just a black hole of money with a perpetual begging jar held out. sad. quite sad.

also, anyone else think it drives him fucking nuts that his "house" is listed as Apartment 30? ROFL, he wants it to be a house so bad but its a condo in a middle unit triplex, with an apartment postal desgination, lol

 

[James Smith]

i guess its not really a "fictitious name" its just a name he chose for his business, if its a legit registered business is it really fictitious? or do you mean something else? unless you mean its a fictitious business because its definitely not a legit big boy business like he wants, its some dude sitting on a sad love seat begging for money daily.

Fictitious just means not the legal name of a sole proprietor or business. Like Google, LLC goes by the shortened "Google" and stuff.