The content you share online is viewed in many ways. Make sure you know in what context the content you publish is being displayed. This News Team from Alabama probably wouldn’t have wanted the picture of their three person news team next to this tweet:

Source:
Palmetto Scoop
Maximizing privacy settings sometimes seems like the only option and probably is the best option for most. However, consultants and anyone who is looking advertise their skill-set online, they might want to customize what they do make available for the public.
For instance, make selected portions of your profile and person information available, but only allow friends to see things such as Posts, Photos, Videos and Tags.
You can find more information on this in this post by InsideFacebook.com.
It’s becoming evident that using Twitter to express yourself is just about the same as mentioning something in a press conference.
Larry Johnson, who played for the Kansas City Chiefs was released earlier this month as a free agent after bashing the coaching staff and disrespecting a fan on his Twitter account. This action to release Johnson was strongly encouraged by fans as more than 32,000 signed an online petition for his release from the team.
Sources:
Mashable and
Wikipedia