A foolish person will not hold on to his money for long - whether he is duped out of it or simply spends it all.
The earliest recorded reference is in Five Hundreth Pointes of Good Husbandrie (1573) by Thomas Tusser who writes:
A foole & his money,
be soone at debate:
which after with sorow,
repents him to late.
The version of the expression we use today is first found in Dr. John Bridges' Defence of the Government of the Church of England, 1587:
If they pay a penie or two pence more for the reddinesse of them..let them looke to that, a foole and his money is soone parted.
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