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squandering stolen goods
He won the lottery, but he squandered all his money on foolish things.
For the past three years I've squandered my time going out to bars instead of studying.-VocabSlam
That is the correct spelling of "wasting" (squandering, using unwisely).
Do you mean wasting ( ie wasting an opportunity, or wasting food), if so then squandering is a good word.
Henry ward Beecher