An ostentatious lifestyle in which physical location isn't important, facilitated by mobile technologies, allowing one to travel as much as they like. This is different from a vacation in that one must still tend to their income-generating responsibilities.
Tim: "Where's Ben?"
Alexi: "He's on lifecation."
Tim: "Huh?"
Alexi: "Yeah, he's on his yacht in the Mediterranean for 6 months doing all his consulting over a satellite connection!"
Tim: "That sly bastard."
You don't go anywhere or do anything, intentionally.
Although there is some debate regarding Lazcation activities. Some approve of Reading or Sleeping or Watching movies. Others rely on a pure view on doing little to nothing.
Q- "I see you are taking time off on Monday, do you have plans to go somewhere"
A- "Nah, I think I'm going to go have a Lazcation instead"