A person from Northern El Paso county that is from a high social economic class, that spends money until they run out. After running out of money it never registers in their brain and they continue to spend.
Derived from "Mongoloid" meaning one who suffers from Downs Syndrome and "Retard" a term given to either slow learners or just general morons, this word is used as an insult to people who do somethingspasticated.