a fool and his money

English Language Tests, Intermediate level

ESL/EFL Test #296 [color=blue]“English Slang Idioms (18)”, question 4

His friend spent half of his winnings on drinks despite the fact that he couldn’t pay his rent. “Well,” he thought, “a fool and his are soon parted.”

(a) thoughts
(b) brain
(c) sense
(d) money

English Language Tests, Intermediate level

ESL/EFL Test #296 [color=blue]“English Slang Idioms (18)”, answer 4

His friend spent half of his winnings on drinks despite the fact that he couldn’t pay his rent. “Well,” he thought, “a fool and his money are soon parted.”

Correct answer: (d) money
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" a fool and his money is parted " Does it mean that a foolish people spend money soon parted ?
Example: She buys everything what she see. The money leaks out from her purse than the water from a pot with holes.