Profligate

/ˈprɒf.lɪ.gət/ adjective hard

A profligate person spends resources so carelessly and excessively that ruin often follows.

The heir's profligate spending on yachts and parties emptied the family fortune within a decade.

Memory Trick

Profligate sounds like 'profit-gate' left wide open - money just pours out the gate instead of being saved.