a quantification of how full one's bag is. the bag in question is filled with any measure of success (e.g. cash, gains, happiness, body count)
"Yo vinnie what's yo bag meter at?"
"Hmmm I'm at about 75% right now."
"Word."
Another example:
"Aye I heard Stevie's bag meter is pretty low today let's pick him up"
"Yea, let's get him a #9 from Chick-Fil-A"
"Bet"