FML is 'F*ck My Life', a humorous expression of despair. First appearing in 2008, and growing to immense popularity in the last 5 years, FML is used in text messaging and online conversations to say 'my life is laughable and pathetic'. This expression has become so popular, there are entire websites dedicated to examples of FML. About.com explains FML and other popular text message acronyms here.
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