Use Good Judgment: Consider how your comments might be received and how they reflect on you. Think about the consequences of what you are about to post before you click send.

Kindness counts: Rule of thumb: If you wouldn't say it to someone's face, you shouldn't post it. Be aware that Cyber-bullying instances have been increasing over the last several years and in the US, The National Crime Prevention Council reports cyber-bullying is a problem that affects almost half of all American teens.
Know the Privacy Settings: Check that settings, especially Privacy settings are at a level that you are comfortable with; you can control the access that others have to your postings-- share only what you want to share.
Further Reading: eHow Internet Safety
- Don't share information that can help people steal your identity or locate you.
- Exercise good judgment when posting and sharing personal information.
- Check into your ability to opt-out with advertisers and third parties.
Social media policy:
http://mashable.com/2009/06/02/social-media-policy-musts/
Top tips for using social media:
http://www.sophos.com/security/topic/social-media-top-tips.html
Create your personal online brand
http://mashable.com/2010/02/11/avoid-sabotage-personal-brand/
D'OH:
http://www.theglobeandmail.com/news/technology/wife-learns-of-husbands-other-wife-on-facebook/article1662703/?cmpid=nl-tech1
Some Vblogs from the BBC
http://news.bbc.co.uk/2/hi/programmes/newsnight/8929854.stm
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