Adj. Being in such financial straits as to not have the means to purchase basic necessities while in large credit card and/or student loan debt and still owning other luxury home entertainment items. I.e... a person can't buy groceries or gas to get to work, or unable to go out with friends on a Friday night, but owns things like a laptop, smartphone, Wii, HDTV with satellite, ipod, etc...
Jerry's missing Tony's bachelor party cuz he's first-world poor, so he said he's gonna stay home and Netflix movies all night.
The process by which all the shiny new things we buy eventually become irrelevant, outdated, worn out, busted, or unloved and are thrown away or sold to continue their route to the garbage pile in someone else's house. First used in this definition by Jerry Seinfeld on The Tonight Show, December 23, 2014. See also Crappify.
"All things on earth only exist in different stages of becoming garbage. Objects start at the highest order visible in a living area. From there it goes to a closet, cupboard or drawer. From the closet it goes to the garage, one of the longest phases in trashification."