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A schlatt is a broke ass fool who still manages to keep their head above water even though they're drowning in debt.
I’m a schlatt, I owe money to three different loan sharks and still manage to eat tacos for breakfast.
My mom says I’m a schlatt because I’m broke but still got a fancy car.
That guy is a schlatt, he's got $5 in his pocket and a $5000 bill on his desk.