A term used to describe your children after they've been around a few years and you realize just how much of a financial burden they really are. Generally people compensate the fact that they're pissing away all their money (on someone that will probably be a dead end loser just like them) by telling themselves that all that money spent (wasted) will one day result in a well rounded successful human being.

When you eat dirt for the first time and leave your family to build a shack in the woods

A guy/girl that never has any money, but is always down to do expensive stuff.

Any time you hang out with said person, it's typically implied that you are paying for everything.