A fool and his money are soon parted

What does “A fool and his money are soon parted” mean?
“A fool and his money are soon parted” is a derogatory comment used to describe the spending behaviour of a person who acts carelessly and unwisely with his/her money; or about a person who is easily deceived or easily cheated by others into giving his/her money away or into paying too much for something that is of little or no value at all.

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