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1.
Usually only happens in a car with a manual transmission- A money shift is an accidental, far too aggressive down-shift, in which the engine performs the biggest red-line you've ever seen. It's referred to as a money shift, because it usually results in money coming out of your pocket for a new head, pistons etc.
My buddy Erin was doin around 65 mph when he accidentally hit second gear, money shifting his way to a new engine.
by steven17 November 04, 2007
 
2.
when shifting from 3rd gear to 4th gear and messing up and slipping it into 2nd.
I let my girlfriend drive my car but instead of backhanding it into 4th, she money shifted it and i had to backhand her.
by Michael Cohen November 01, 2007
 
3.
To shift from very high rpms in higher gear into lower gear, thus driving rpms even higher, way past redline. This leads to severe engine damage, since rev limiter cannot protect an engine in this situation.

A very costly maneuver, typically performed in street or drag racing when people shift from third into second instead of fourth.
I was at 6k in third, and then I did a moneyshift. Now it will cost me 2 grand to fix up the engine.
by junkDriver August 15, 2006