Dispassion is that state of supremacy of consciousness in you, free from the thirst of the perceptible and celestial enjoyment. Without dispassion, there is no progress in life.
Dispassion brings freedom to your mind. It keeps you in the present moment. The mind gallops towards the world of passion. It travels towards the sense of sight, smell, taste, sound and touch. Or it gallops towards something it has heard.
This craving for any of these experiences in the mind can stop you from being in the present moment. It is here that Vairagya (dispassion) gives a few moments of retrieving our senses from the craving or thirst for objects and going back to the Source.
You will see that whenever you are unhappy or miserable, behind that is your wanting to be happy. Craving for happiness brings misery. If you do not even crave for happiness, then you are happy. When you do not care for happiness, you are liberated and when you do not even care for liberation, you attain love.
The first step is when you do not care for happiness. The second step is Param Vairagya (supreme dispassion). When you do not even care for liberation, then you are free. Happiness is just a mere idea in the mind. You think that if you have this you are happy.
Vairagya is putting a stop to the craving for happiness. That does not mean you must be miserable or don’t enjoy yourself. Everything is going to end one day. So, before this earth eats you up, become free. Free yourself from this feverishness that is gripping your mind.
Look into every craving you have closely and remember you are going to die. Your mind is not ready for limitations. It wants unlimited pleasure, which the five senses cannot give you. You simply get burnt down, over and over again. Skillfully handling the objects of senses and bringing it to the Self is dispassion. - www.artofliving.org.