What is the meaning of [A fool and his money are soon parted]

This is a similar proverb to Easy come, easy go. A wise man spends his money
prudently; a foolish man spends his without thought and is soon penniless. He
is ‘parted’ from his money.

> While the collection box was being passed round at Sunday School,the teacher
said encouragingly:

> ‘It is better to give than to take. How true these old proverbs still are,
aren’t they, children?’

> ‘Yes, miss,’ agreed young Tommy Green with feeling as he put in his penny.
‘A fool and his money are soon parted.’