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# Be sure to read the Fine Print

Perhaps one of the worst things that you could ever do is to put your signature on a document that you don't fully understand. Whether it's a tax return, a lease agreement, or any other type of contract, you could be paying a high price for your mistake for years to come, which is something you simply can't afford to do. It doesn't matter if you're single or married, with or without kids, employed or working in your own home-based business. You must pay critical attention to your financial affairs and to every document that you sign.

Some of the most common ways that people can hurt themselves by not carefully considering what they sign include the following:

Mortgages. Do you understand the points, interest rate, and prepayment penalties? Do you know your current payoff amount and what you have built up as equity? Additionally, are you aware of every additional property that your spouse owns, and of any liabilities that you may have concerning them?

Leases. Are you signing a personal guarantee? This could mean that you will have to personally pay for a significant lease if your business – or your spouse's – fails.

Income tax returns. Understand what you're signing, especially if you have no individual income but are signing a joint return. The Internal Revenue Service (IRS) will hold you responsible for any amounts owed. Many spouses spend years paying off IRS debts because they didn't pay attention to this. Even if you file separate returns, you may be liable for your spouse's debt.

Credit cards. Be fully aware of the interest rate, due date, penalties, and any membership fees of your credit cards. If you have joint accounts with your spouse, make sure that they're being paid promptly.

Investment or banking accounts. Are you checking your monthly or quarterly statements to ensure that there are no errors? It's your responsibility – and in your best interest – to check for accuracy.

It's absolutely mandatory to read and understand any document that pertains to your personal finances, and "I didn't have time" or "I didn't know" simply are not acceptable excuses. If you're under pressure to sign something and are unsure of its implications, be very cautious. You must remember that every document may have financial consequences, even if the document is not specifically financial. Never let anyone press you into signing something that you don't understand.

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