First popularized in the motion picture Money Talks, the phrase "ghetto fabulous" describes a certain type of lifestyle: living within your limited means as flamboyantly and as flashy as humanly possible. It's not about race or sex or good taste; rather, it's about socio-economic status and ingenuity, and most importantly, seeing opportunities where others only see obstacles.
Not everyone can afford a Lexus or a Benz. However, you can go down to the junkyard and get the hood ornaments and nameplates for mere pennies. A little bit of superglue to the front of your Ford Festiva, and voila; the look of an expensive luxury car at a fraction of the price. THAT's ghetto fabulous.
Steak is a wonderful food, yet so costly. Unless you live ghetto fabulous, that is. In the mid afternoon to early evening, many grocery stores mark down their meat in order to sell it before the sell-by date passes and they're forced to simply discard it. First come, first served. THAT's ghetto fabulous.
You've probably lived ghetto fabulous in small ways without even realizing it. Ever stolen toilet paper or napkins from a fast food joint for personal use at home? You're ghetto fabulous. Ever acted out in public to get something for free? Harassed a poor wage slave so you could save a few pennies? Very ghetto fabulous.
There's no shame in being ghetto fabulous. Others will player hate and try to bring you down out of jealousy, hatred, or some misguided sense of righteousness. Ignore them and just live your life, baby.