I just read something on CNN that shocked me. When Facebook CEO Mark Zuckerberg was a mere 18-year-old college student at Harvard, he allegedly granted a businessman an ownership stake in what was then a small online side-project. Now it’s a billion-dollar Internet company, and New Yorker Paul Ceglia is trying to claim what he says is rightfully his.

Ceglia claims that he hired Zuckerberg in 2003 to work on two business ventures, one of which was “designed to offer the students of Harvard university access to a wesite [sic] similar to a live functioning yearbook with the working title of ‘The Face Book.’” Sound familiar? Ceglia says he paid $2,000 to Zuckerberg for the job. CNN reports that Facebook’s lawyer has admitted that Zuckerberg signed a contract with Ceglia, but they aren’t sure yet whether the document he has produced is the real document in question or whether the real contract states what he says it does. Facebook is disputing the contention that Ceglia has a real ownership stake, especially since he’s just now coming out with it, but Ceglia is dead set on proving he is right.

Yikes. Lawsuits are messy, especially when they dredge up financial matters from many years ago. Although they are sometimes unavoidable, this proves why it’s so important to have clear, written and signed contracts, and save them forever! You never know when something like this will surface. Contracts and good records are important for everyone, even if it’s just a contract for a one-time freelance service. It’s easy to shrug the formality off, especially if the other party says a contract is optional. I think it’s important to err on the side of caution and always have a clear contract. If you’re afraid you’ll lose it, put it in a safety deposit box or give a copy of it to your lawyer.

Now for my weekly roundup! Read on and learn about some of my favorite personal finance blog posts from the past week. Enjoy!

1. What’s better: being in loads of debt but having tons of free time, or making loads of money and being debt free but having no free time? Get Rich Slowly discusses what it was like going from one to the other and why balance is so important.

2. The Simple Dollar explains why funding his life with credit cards was one of his worst financial mistakes and offers tips on how to avoid that dilemma.

3. Not sure how the new financial regulations will personally affect you and your wallet? Consumerism Commentary outlines what changes you should expect to see.

4. In these rough economic times, it’s more likely that your children are aware of financial trouble in the household. Frugal Dad offers tips on how to protect your kids from financial drama at home.

5. Some of us can’t seem to stick to a budget no matter how hard we try. Moolanomy points out five things that may be destroying your budget. Just being aware of these things helps!

6. Free Money Finance features a guest post that explains 11 smart actions you can take to get out of debt.

7. Is your low credit limit cramping your style — or worse, hurting your credit score? WiseBread gives some quick tips on how to increase your credit limit.

8. When the summer weather is nice, everyone wants to go out, but it gets expensive! Queer Cents shares some ideas on cheap and free summer date nights.

9. Low on cash? Green Panda Treehouse provides a list of several different things you can do now to save and earn more money.

10. Finance for a Freelance Life discusses the concept of keeping up with the Joneses and explains why this type of behavior will do nothing but make you broke.

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