(A) Fool and His Money Are Soon Parted

What does the idiom “(A) Fool and His Money Are Soon Parted” mean?

Definition:

Stupid people make bad financial decisions or are easily cheated.
in the opinion of the speaker, a person has just spent money unnecessarily and is, therefore, a fool.

For example:

“Dave got a really bad deal on his new car. A fool and his money are soon parted.”

Notes:

This is a proverb.

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