The act of dissipating or dispersing; a state of dispersion or separation; dispersion; waste
A dissolute course of life, in which health, money, etc., are squandered in pursuit of pleasure; profuseness in vicious indulgence, as late hours, riotous living, etc.; dissoluteness
If someone leads a dissipated life, you can also say that they lead a life of dissipation. = debauchery
useless or profitless activity; using or expending or consuming thoughtlessly or carelessly; "if the effort brings no compensating gain it is a waste"; "mindless dissipation of natural resources"