When a girl (usually Catholic) convinces her boyfriend in high school to have sex with her. She will lie about being on the pill, or tell him it’s safe. This results in her becoming pregnant and then marrying him, making sure she doesn’t have to go to college and can just be a stay at home mom.

Derived from "Squillionaire," "squill" is a dereogatory term for anyone who accumulates, flaunts, hoardes, or otherwise posseses wealth beyond reason.