In a May-December relationship, a way to describe the younger partner, especially when the younger partner looks like it hasn't passed puberty yet. May be a warning that a statutory rape could happen.
52 year old Schizo Woman:I just got a boyfriend, he's kinda young.
Rosanne:How young? Is he milk money young?
52 year old Schizo Woman:He's 14.
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one who is the little wussy kid in school, whom always got their milk money stolen from them. Also used in reference to describe someone who is or was a lil pussy boy...
" Look at that guy..what a milk money billy!"
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