Could you ever imagine reading an investment book with multitudes of different ideas ranging from lukewarm to hot, only to find out after you’ve finished reading it that the book was written by Bernie Madoff?  That is pretty close to what I have just done.

This last summer I picked up a handful of books at a yard sale about real estate investing and managing properties.  One of them was a book titled ’171 Ways to Make Money in Real Estate’ by Sonny Bloch.  The book was first published over 20 years ago and gets very specific into the different ways to buy or negotiate for property.  Some of the exact methods and numbers would no longer apply due to the changes over the last twenty years, but I thought this was an interesting read nonetheless.

He talks about methods he used to buy property in Florida before Walt Disney World was built, then selling for massive gains.  He mentions this a few times through the book and really showed himself as a credible expert.

After I read the book, I researched the author.  Wow.  What a way to lose faith in everything I had just read.  Apparently he was the talk radio equivalent of Bernie Madoff.  He defrauded his listeners with investments such as fake gold bars, equity in bogus radio stations, and wireless cable.  Most of the  victims were elderly people who wound up pennyless as a direct result of Sonny Bloch.

While my problem with Sonny pales in comparison the problems he caused 15+ years ago,  I can’t place any trust in this book.  I know parts of it are true and would still work today, but the real question is bigger.  Do I really want to take financial advice from someone who defrauded the elderly out of almost $25 million, fled the country, and when brought back charged with (and plead guilty to) 7 different counts of tax evasion and perjury.

I’ll probably flick through the again, but it will not be going back on the shelf.  The garbage can is a much better place for this book.  Glad I didn’t pay more than a quarter for it.

Welcome to The Carnival of Personal Finance #64 hosted right here at Aridni! We’ve got a huge number of articles this week. Apparently everyone is trying to make up for the day off for Labor Day by working twice as hard. =P

There are an even 50 articles being posted here, so put your reading glasses on and get to the Personal Finance! (do people still use reading glasses?)

We’ll start off with last week’s host 1stmillionat33 who gives us some investing advice My investing advice if you have $1000 to $10000

“Finding a new job can be a daunting challenge. But if you follow my simple 21-step plan, you’ll soon be battling cranky alarm clocks, rush-hour traffic, and the “living for the weekend” daily grind.” Madeleine Begun Kane presents Working Stiffed posted at Mad Kane’s Humor Blog.

“Your kids are starting out strapped because they haven’t been taught how to fend for themselves properly because YOU were so busy working your tail off trying to keep a roof over their heads!” Frugal Wisdom from Wenchypoo’s Warehouse: Another Book You Shouldn’t Bother Buying–Strapped: Why America’s 20- and 30-Somethings Can’t Get Ahead

What does a credit report look like? How can I read one? If I’m running a credit report on someone, what sort of information should I be looking for? The anatomy of a credit report

Think your finances are screwed up? It could be worse. You could be Jack Bauer, who needs much more than 24 hours to get his money house in order. Here’s something Jack Bauer can’t fix in 24 hours

From Opportunities Aplenty we find out How Aussies Get to Pay Off Their Mortgages Early

Errors on medical bills are more common than many consumers realize. This post includes steps for detecting, correcting and avoiding billing errors at the hospital and at the doctor’s office. The Frugal Duchess: Watch out for Medical Bill Mistakes!

A lot of peole are scared to start saving their money because it’s a scary world. People don’t know a lot about it and therefor scared of it. Here is an article that explain one of the most basic things that people see all the time. What Does the Dow Jones and Nasdaq Mean on the Front of My Yahoo/MSN homepage?

3 ways it costs more to be a women is Adult ADD and Money’s followup to 3 ways it costs more being a man

We’ve all heard “don’t put off for tomorrow…” but it can be sound financial advice when considering insurance. A health problem can mean a big insurance problem, as well. Bob Vineyard explains. Cost of Delay

How much does an average nursing home cost?A post about the cost of nursing homes in retirement and how to plan your retirement to protect you against that possibility.

Not dividends, not growth, but both. HJL wants to let you know why he love investings in companies that pay and are increasing their dividends.

Tired but happy has to make a choice between Roth versus the 401k.

A new blog that has popped up in the last month, My New Choice, looks like it is off to a great start. They bring us a Strategy to Curb Impulse Buying

Jim at Blueprint for Financial Prosperity is going to be keeping a good chunk of change. If you need to work on your home you might be able to as well. Energy Policy Act of 2005 Saves Me $500

FMF gives us the math behind his own retirement number How I Set My Retirement Number

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