The chances of her changing are slim to none. From the look of it this lack of financial knowledge and control has been passed down from her mother and grandmother. I would follow lovbyts advice and liquidate and hide assets.

There was a study on hbo not too long ago where these guys gave a random homeless man 100,000 in cash as a social project. The man started put good by getting an apt, a car, and looking for a job. Soon after he met a girl and started partying and buying a few more cars and stopped looking for a job. Soon after he was out of money selling his cars and eventually was evicted and homeless again. So it just goes to show you how failures are failures for a reason.