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To me, the true horror is when its spent on worthless or awful things, wasting limited resources, and the better part of peoples lives

> Squandering typically means spending

Squander means to spend thoughtlessly or foolishly or wastefully. It's not a synonym of "spend".

in terms of usage, if I say "people should buy what they need and on top of that they should not spend (lest they find themselves spent)" you know exactly what i mean. Especially expensive items are spendy. Spend carries a connotation of waste and exhaustion. Save and invest your surplus, don't spend it, don't spend your savings.

Concentrated inheritance is investing in one person's (or a small number of people's) success.

Taxing inherited wealth, and using the revenue to support infrastructure, education and research, is investing in many people's success.