This was a new one on me, but I like it. In an uncharacteristically grouchy recent post the The Phantom Professor mentions “trustafarians”.
Interestingly, definitions of “trustafarian” vary. I would have guessed a meaning like this one from False Positives:
Trustafarians : trust fund babies who live supported solely by the trust fund income (i.e. they don't work for a living): Paris Hilton, various members of the Kennedy clan, the characters of The Talented Mr. Ripley, or Hugh Grant's character in About a Boy come to mind. Down market Trustafarians would be those with a bohemian lifestyle, but with hipper accessories, living off he money of parents. (ski bums who don't have to wash dishes.)
But apparently, there's other somewhat different meanings about, as seen from these proposed definitions in the Urban Dictionary,
1. trustafarian
a. a spoiled rich white kid who smokes pot.
b. a person who, in an act of rebellion has taken to smoking pot, pan-handling, and following grateful dead rip-off bands during the week, and then returning to his or her parent's cozy home in the suburbs during the weekend.
c. one who lives with poorer people in an attempt to gain credibility, or street-cred, while disguising the trust fund they actually live off
Don't let that guy smoke any of your stash, he's a trustafarian, and never has his own to share.
2. trustafarian
priviliged white kids who subsribe to the hippie lifestyle (because they can) since they have no worries about money, a job etc. They can then devote their lives to eating organic, following Phish, and wearing dreadlocks (no need for job interviews).
Sarah is a trustafarian. It's totally evidenced by the combination of her brand new car and nice digs with her “earthy” clothes and dreadlocks.
The rumors that have been flying around the internet all day appear to be true: 
