The young heir squandered his money on frivolous purchases and parties.

squandered 是动词 squander 的过去式，意思是"浪费、挥霍"，通常指愚蠢地或不负责任地浪费金钱、时间或机会等资源。这个词带有明显的贬义色彩，暗示挥霍者没有珍惜或合理使用这些资源。