Fool with money backing idiot's tips (6)

I believe the answer is:

nitwit

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'fool' is the definition.
(I've seen this before)

'with money backing idiot's tips' is the wordplay.
'with' becomes 'w' (abbreviation).
'money' becomes 'tin' (I've seen this before).
'backing' shows that the letters should be reversed in order.
'idiot's tips' becomes 'it' (this could be a standard abbreviation I've not previously seen).
'w'+'tin'='wtin'
'wtin' in reverse letter order is 'nitw'.
'nitw'+'it'='NITWIT'

Can you help me to learn more?

(Other definitions for nitwit that I've seen before include "Plonker" , "Foolish person like humorous louse" , "'Foolish, silly person (6)'" , "Louse egg with humour - silly fellow" , "Birdbrain" .)

I've seen this clue in The Telegraph.

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