Other forms: dissipated; dissipating; dissipates
To dissipate is to disperse or fade away — as a bad smell will dissipate (usually) if you wait long enough.
Dissipate can also mean “spend or use wastefully.” If you win the lottery, you might suddenly find yourself with a group of new friends encouraging you to dissipate your money (on them). Note that dissipate can be used with or without an object: "Once you dissipate your wealth, your new group of friends will dissipate without a trace."