Source : Webster's Revised Unabridged Dictionary (1913)

Wastrel \Wast"rel\, n.
   1. Any waste thing or substance; as:
      (a) Waste land or common land. [Obs.] --Carew.
      (b) A profligate. [Prov. Eng.]
      (c) A neglected child; a street Arab. [Eng.]

   2. Anything cast away as bad or useless, as imperfect bricks,
      china, etc. [Obs. or Prov. Eng.]

Source : WordNet®

wastrel
     n : someone who dissipates resources self-indulgently [syn: {waster}]