I think my master shortly means to die,
For he hath given to me all his goods:
And yet, methinks, if that death were so near,
He would not banquet, and carouse and swill
Amongst the students, as even now he doth,(5)
Who are at supper with such belly-cheer
As Wagner ne'er beheld in all his life.
See where they come! belike the feast is ended.
— Caitlin, Owl Eyes Staff
Faustus giving away his earthly goods suggests that he understands their worthlessness. While at the beginning of the play he did not believe in damnation or death, now he knows that physical earthly objects mean nothing. He instead indulges in drinking and carousing to distract himself from his ultimate damnation.