A fool and his money are soon parted
This is quite an early proverb in the English language and, as such, might be thought to contain the wisdom of the ancients. The notion was known by the late 16th century, when it was expressed in rhyme by Thomas Tusser in Five Hundreth Pointes of Good Husbandrie, 1573:
A foole & his money,
be soone at debate:
which after with sorow,
repents him to late.
The precise wording of the expression comes just a little later, 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.
See also: the List of Proverbs.