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1.
Means you're too late. Like if a guy likes you and then another one asks you out before him, you say to the first guy, "sorry, day late and a dollar short." So basically, you waited and screwed yourself over.
Guy: Hey, will you go out with me?
Girl: Sorry, day late and a dollar short... Guy 2 just asked me out yesterday.
by Pretty Emily October 24, 2004
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