A combination of the words 'Vulgar' and 'Vulgarity'. The phrase was created by a dyslexic Spanish 'actor' trying to remember the lines of his character when performing in a play. However, when forgetting how to say the word 'vulgar', he invented an entirely new one. A true master at work.
The word's meaning is 'that thing were something is nasty and tastes a bit like 2 week old herring.'
Someone who is addicted to obtaining money and building wealth. A money addict and fanatic. Breadheads often work more than one full-time job, and some even participate in illicit activities to "obtain the bread".
I don't buy the schmegegge about Morty sleeping with Moira.
His version of the story was pure schmegegge.
The whole schmegegge was made up to get Liz a little bit of attention.