NEW YORK (CNN) -- CNN Money's Maribel Aber has your top business and financial news on this Friday, July 19.
Detroit files for bankruptcy
Detroit filed for bankruptcy Thursday afternoon, becoming the nation's largest public sector bankruptcy. The move could slash pension benefits to city workers and retirees, and leave investors holding the city's debt with only pennies on the dollar. Emergency Manager Kevyn Orr, appointed by Michigan Gov. Rick Snyder to oversee the city's finances, had been holding meetings with various creditors for the last five weeks in an effort to shed debt that the city can no longer afford. But despite the fact that some banks agreed to take reduced payments, Orr sought and received permission from Snyder to file.
My wife and I are selling our condo and plan on renting for the next year or two before buying a house. We will be netting $40,000 from the sale... [and] plan on eventually using this money as part of a down payment. Until then, I would like to put the money in a lower risk mutual fund so that we can get more than the 0.85% yield that our online savings account offers. Do you think the potential upside is worth the risk or should we keep it in savings? -- Ben, Chicago. While earning less than 1% on your cash might not seem like a great deal, in today's savings environment it's probably your best bet.
Our biggest money mistake
Five couples reveal the worst financial mistakes they've made and what they've learned. Shortly after their 2008 wedding, Deacon and Kim Hayes sat down to assess their finances. The couple was shocked to discover that between the two of them, they had more than $50,000 in debt and two mortgages. When Rachele Bouchand was dating her now-husband Blaise, he asked her to take a look at the small individual retirement account that a friend had helped him open in 2011. But Bouchand put it off, assuming that the investment was fine. When she finally looked at the account three months ago, she discovered his $6,000 had been invested in a gold and commodities fund that came with high fees and had lost money, even as stocks soared.
The subtle art of managing your annoying boss
You probably won't be surprised to hear that about 75% of people who quit their jobs do so because they can't stand their bosses, according to a recent Gallup poll of more than a million U.S. employees. That's unfortunate, says Jayne Mattson, a senior vice president and executive coach at Boston-based career development firm Keystone Associates, because a little honest communication might go a long way toward fixing at least some of what bugs you. "So many people don't ever have a candid conversation with their boss about what's wrong," she notes. "Instead of trying to make the relationship better, they just leave -- and, too often, repeat the same mistake in their next job."