From Diego..Originally Spanish (James, Jacob) but widely applied to Portuguese and Italians (and those of similar appearance). Derogatory.

the thing that you don’t have when you’re phones percentage is over 20

The word 'dego' stemmed from Diego, who was Christopher Columbus' son. The actual spelling, that no one uses any longer, is D'ego. It is not derogatory, if you are educated and realize from where and why that terminology originated. It has NOTHING to do with being 'paid as the day goes.'

Derogatory epithet that refers to individuals of Italian origin/ethnicity.

A person of Italian descent generally accompanied by the basic features:brn hair,brn eyes,tan complexion,almost always over-abundance of body hair.

Person of Italian heritage, accompanied by brown hair, brown eyes, and a hate for the word dego.