This is old Sixties slang. You don't say it as "your bag" - you say "NOT your bag" as in not the sort of thing you care for. If someone offers you some drugs (as people often did in the Sixties), you could say, "Sorry man, it's not my bag."
depending how you say it... It usually is slang for goodbye
peace became a slang word for goodbye.
Salut, à plus, à ciao ^ that's actally how to say hello ..
Later - goodbye.
peace out, later, cya around ect.
Gotta Motor
In Cebuano, you can say "paalam" to say goodbye.
L8r is the abbreviation and internet slang form of later. Later is a slang way to say goodbye. later
Some slang terms for goodbye in the seventies included: "Catch you on the flip side," "Later gator," "Keep on truckin'," and "Peace out."
The standard way would be 'shalom, chaver' - goodbye friend. In conversational slang Hebrew, some just use 'bye' (ביי) too.
I Will Say Goodbye was created in 1980.