A-Letter Sayings  |  The Meanings For Popular Sayings and Their Origins
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This phrase is typically used to describe someone who loses their money quickly, either by being tricked or spending it wastefully. 
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This phrase is at least 460 years old. While the wording is different, the idea behind the 
expression is used by a poet named Thomas Tusser in a poem he wrote called Five Hundred 
Points of Good Husbandry, 1557:

    "A foole and his money be soone at debate: which after with sorow repents him too late."

The idea for this saying, for those who may not know, is that if a person acts foolish with their money, then it won't last very long. For example, spending money on necessary things—food, water, or clothes—is fine. What if, though, a person loses their money by gambling it all away at a casino? Well, many would consider that to be a foolish thing to do, and thus, as the saying goes 'a fool and his/her money are soon parted.'
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The meaning of the idiom 'a fool and his money are soon parted.'