Down and out

In a state of poverty, misfortune, or complete defeat; having no money, prospects, or hope for improvement.

This phrase originated in boxing terminology, where a fighter who is 'down' (knocked to the ground) and 'out' (unable to continue) has suffered complete defeat. It was first used metaphorically for life circumstances in the early 1900s, popularized by George Orwell's 1933 book 'Down and Out in Paris and London.'