Buy Tom Cruise's Colorado getaway for $59 million

NEW YORK (CNNMoney)

The nearly 300-acre estate includes a 10,000-square-foot main house with four bedrooms and a three-bedroom guest house.

The home is accessed by a mile-long private road that winds past grassy meadows and aspen, spruce and pine forests.

The star of Top Gun, Jerry Maguire and the Mission Impossible, Cruise bought the property nearly 20 years ago when he was married to actress Nicole Kidman, according to Bill Fandel of Sotheby's International Realty.

But in recent years, the busy actor just hasn't had much time to get there.

Cruise helped design the home, which has been on the market since October, according to Fandel.

Tom Cruise's stunning rustic retreat in Colorado ski country is on the market.

The interior is lodge-like and has wood-paneled walls and bleached-cedar timbers.

There's a gourmet kitchen, gym, recreation room, library, and office suite.

"Meticulous" is how Fandel describes the craftsmanship of the home, which features dovetailed joinery and a native stone fireplace.

The great room is a great space to curl up with an evening cocktail.

Surrounding the Colorado property are tens of thousands of acres of U.S. forest service land, which provides gorgeous views of some of America's highest mountains, the San Juan range of the Rockies.

Related: Mansions for under a million

The property is just a 12-minute drive from the historic town of Telluride with its world class skiing and lively apres-ski destinations. Warm weather is just as much fun, with frequent events that include the world famous Telluride Film Festival, held in late summer.

The views are expansive and impossibly picturesque.

A regional airport, which makes travel easier to this relatively isolated spot, just underwent a $53 million renovation, enabling it to accommodate larger private jets.

Autumn brings a blaze of gold to the property's Aspens.

The retreat encourages being outdoors with its sweeping views, covered decks and recreational facilities. There's a network of trails for hiking, mountain biking and cross-country skiing, a motor cross track, as well as tennis and basketball courts and an ice hockey rink.

Not very far away is a storybook guest house nestled in the trees.

And guests can stay in this 1,600 square foot home tucked away in the woods.

Cruise reportedly still owns homes in California and New York.

First Published: December 4, 2014: 5:47 PM ET

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Still waiting for a pay raise? You're not alone

Protesters march through a McDonalds in New York demanding a raise on the minimum wage to $15 per hour.

LONDON (CNNMoney)

Average monthly wages grew 2% in 2013, adjusted for inflation, according to a report released Thursday by the International Labour Office.

Most of that growth was driven by gains in developing countries. Take China out of the picture and the situation looks much worse. Without Chinese workers, global real wage growth shrinks to just 1.1%.

Related: 3 reasons you'll likely get a raise in 2015

The world's second largest economy saw supercharged wage growth of 7.3% last year. That's down slightly from 2012, but still ahead of most other countries. China is attempting to wean itself off of exports, and rising wages support its push to become a more consumer-led economy.

Wages in the developed world remained relatively flat as the recovery continued its slow burn. Workers in the United States saw wage growth of 0.3%.

You were more likely to get a raise if you worked in a resource-rich economy thanks to the commodities boom. Indonesia, Brazil and Australia all recorded solid wage growth.

Meanwhile, pay in Europe's beaten-down economies was stuck in reverse. Average real wages in the United Kingdom, Spain, Italy and Greece remain below their 2007 levels. The stagnation or drop in wages aggravates existing problems of anemic growth and low inflation facing the eurozone.

And it's unlikely to change anytime soon -- the region's top three economies Germany, France and Italy are either flatlining or in mired in recession.

Related: How I paid off my student loans at 26

First Published: December 4, 2014: 6:14 PM ET

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Frank Foer resigns from The New Republic

Chris Hughes, the Facebook co-founder who owns The New Republic.

NEW YORK (CNNMoney)

The iconic liberal magazine announced a total overhaul on Thursday that included the resignations of two top editors, a relocation from Washington to New York, a reduction in its print publication schedule and an unspecified investment in digital publishing.

In the wake of the announcements, at least two contributing editors to the magazine said they wanted to break off their ties to it. But a number of other observers expressed support for the newly-named editor, Gabriel Snyder, who ran The Atlantic Wire until earlier this year, when he joined Bloomberg Media.

Snyder will succeed Frank Foer, a beloved editor who left the magazine in 2010 and returned in 2012, shortly after Facebook co-founder Chris Hughes acquired it and became publisher.

Foer and a veteran editor, Leon Wieseltier, resigned on Thursday.

"The New Republic has been one of the great loves of my life," Foer wrote in an internal memo to his colleagues. "Chris [Hughes] and Guy [Vidra] have significant plans for this place. And their plans and my own vision for TNR meaningfully diverge. I've decided this is the right time for me to finish a book that is several years overdue."

Vidra, the CEO of The New Republic, said that the plan entails a greater focus on the company's web site: "we are re-imagining The New Republic as a vertically integrated digital media company," he said in a separate memo.

"We will be making significant investments in creating a more effective and efficient newsroom as well as improved products across all platforms," he added.

The magazine's office will move from Washington to a new space in the Union Square neighborhood of New York. A spokesman for the magazine did point out, however, that there would still be operations in Washington.

The shakeup comes after weeks of rumors about growing tensions over the editorial direction of the magazine, which Foer recently credited with "inventing modern liberalism."

The magazine celebrated its 100th anniversary last month.

On the anniversary, Hughes told The New York Times, "Today, I don't call it a magazine at all. I think we're a digital media company."

Thursday's changes seemed to reflect that sentiment. Now the print publication will come out 10 times a year, down from 20.

Snyder, the new editor, has a history of digital media jobs. Vidra referenced that in his memo, calling Snyder a member of the "straddle generation" of journalists who have both traditional and digital experience.

The "straddle generation" phrase was immediately mocked by some of the same people who lamented Foer and Wieseltier's departures.

After the announcements, Jonathan Chait and Ryan Lizza, two contributing editors who primarily work for other publications, said on Twitter that they'd asked for their names to be removed from The New Republic's list of contributors. (Lizza is also a CNN commentator.)

There were predictions of further departures at the magazine -- even a mass exodus -- but also some praise for Snyder, who has yet to comment on his new role.

First Published: December 4, 2014: 5:26 PM ET

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Where to put $50,000 in emergency savings

NEW YORK (CNNMoney)

The philosopher George Santayana famously wrote that those who cannot remember the past are condemned to repeat it. Your question makes me wonder whether people are already starting to forget a key lesson of the financial crisis: Higher yields always come with higher risks.

That's true whether you're investing for the long-term in retirement accounts, like 401(k)s and IRAs, or setting aside savings you may need to tap much sooner for emergencies and such. In fact, the downside of ignoring or underestimating risk may be even higher when you're investing money you may need in the short-term, since you have less flexibility to absorb and recover from any losses.

Back in 2007, when the economy and markets were still going gangbusters, investors seeking "safe" high yields plowed their money into all sorts of investments that claimed to be as secure and liquid as cash while delivering above-average returns: auction-rate securities, bank loan funds and ultrashort-term bond funds, to name a few.

Related: Will your retirement savings last?

These investments lived up to their extra-gain-with-no-pain promise, until they didn't. When the financial crisis hit in 2008, it became clear that supposedly safe alternatives to money-market funds and savings accounts came with an unexpected downside.

The market for auction-rate securities froze up in 2008, leaving thousand of investors unable to access their money for many months and, in some cases, years. Ultrashort-term bond funds, meanwhile, lost 9% of their value during the financial crisis, while bank loan funds fell by more than 30%. It took both types of funds nearly three years to recoup their losses.

Flash forward to today: With savings accounts, money-market accounts and the like paying less than 0.10% a year on average, the impulse to reach for extra yield is still strong. And there's no shortage of people pitching products that cater to that impulse, ranging from the very ones that backfired on investors six years ago (bank-loan funds, ultrashort-term bond funds, short-term bond funds) to a variety of others offering even higher yields (short-term commercial real estate notes and promissory notes). In some cases, they are even touting double-digit returns.

My advice: When it comes to the money that absolutely, positively has to be there whenever you may need it -- emergency funds or savings you expect to tap within a short period, say, a down payment for a house you plan to buy within a few years -- you should stick to an FDIC-insured savings account or money-market account. Granted, their yields are paltry. But for the money you can't afford to put at risk, safety and access are your primary concerns, not return.

Related: The 3 biggest risks every retirement saver should know about

That said, there is a way to boost the yield you earn without sacrificing safety: do a little shopping around. By going to sites like Bankrate.com, Mint.com and NerdWallet, you can find savings accounts, money market accounts and short-term CDs that pay yields well above the average.

We're not talking blow-your-socks-off payouts, but you can get 1% or so in an FDIC-insured account, which is roughly 10 times the national average. On $50,000 of savings, that's the difference between earning $500 a year vs. just $50.

I don't recommend it, but if you want to shoot for a somewhat higher return with a portion of your "safe harbor" stash, you could move some funds into an ultrashort-term bond fund, bank loan fund or even a short-term bond fund. But if you choose to do that, I suggest you complete a risk tolerance questionnaire first. And if you decide to go ahead, make no mistake that, one way or another, you're accepting the possibility of a bigger downside.

In the case of ultrashort- and short-term bond funds, the main danger is rising interest rates. At some point, the Federal Reserve will set a higher target for short-term interest rates. When that happens, rates will rise and ultrashort- and short-term bond funds will be susceptible to setbacks.

Morningstar also noted in a recent report that some funds holding short-term debt have been juicing yields by investing in lower-quality bonds, making them even more vulnerable. Theoretically, any losses should be small, as these funds typically invest in very short-term debt. But as we saw in 2008, theory doesn't always jibe with reality.

As for other "safe" alternatives -- promissory notes, commercial bridge loans and similar products -- I don't think they should play any role in an emergency fund. They require a level of analysis and research that's beyond what most individual investors are willing or capable of doing.

Calculator: How much will I need for retirement?

If you have some money you can afford to take extra risk with in hopes of earning a higher return -- and you're willing and able to do the considerable research needed to truly understand the risks in these complex investments -- fine. But you should know that money in these investments is not as liquid and secure as funds in an FDIC-insured account.

I wish I could recommend more attractive choices, investments that offer loftier yields than money-market and savings accounts, immediate access to your money and the assurance that no matter what happens your principal and any earnings are protected against loss. But in the real world, an investment's return is a reflection of its risk.

That risk may be difficult to discern, or the person selling the investment may gloss over the potential perils. But they are there. If nothing else, the financial crisis proved that in spades.

Walter Updegrave is the editor of RealDealRetirement.com. If you have a question on retirement or investing that you would like Walter to answer online, send it to him at walter@realdealretirement.com.

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First Published: December 2, 2014: 4:16 PM ET

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Switch to Sprint, cut your bill in half

Verizon and AT&T customers can cut their bills in half by switching to Sprint on Dec. 5.

NEW YORK (CNNMoney)

But the deal is only good on Friday, Dec. 5.

Here's how it works. Verizon (VZ, Tech30) and AT&T (T, Tech30) customers must upload their latest bill online and then bring a copy of it into a Sprint store on Dec. 5. The new plan will offer the same data allowance as the customer's current one. And it will include unlimited talk and text.

If the customer is currently paying $160 monthly for four lines, Sprint will charge $80.

Related: You might not need a mobile carrier by 2020

Sprint will also buy the customers out of their current contracts, up to $350 per line.

It's the latest move in the price war going on in the U.S. wireless industry and it is aimed at the two biggest players.

Sprint (S) brought in CEO Marcelo Claure this summer to lead the charge. Claure pledged to make Sprint more "aggressive in the marketplace" and the company has since overhauled its pricing.

But Sprint has a long way to go. Though its speeds are improving, it still has by far the slowest 4G network of its rivals. It was rated the worst cell phone service in the nation by Consumer Reports last year. On top of all that, it continues to hemorrhage money and lose customers.

First Published: December 2, 2014: 6:30 PM ET

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Takata poised to defy U.S. regulators over exploding airbags

HONG KONG (CNNMoney)

The National Highway Traffic Safety Administration had given Takata a midnight deadline to issue a nationwide recall in the U.S., but the company has given no indication that it intends to comply. Until now the recall has been limited to a select number of states.

Instead, the Japan-based company said in a statement that it would work to increase production of replacement parts and engage three former U.S. transportation officials to work on the airbag issue.

Takata's decision drew the ire of NHTSA, which said in a statement that it found the response "disappointing."

"Takata shares responsibility for keeping drivers safe and we believe anything short of a national recall does not live up to that responsibility," the agency said. "We will review Takata's response in full to determine next steps."

Takata insists that the airbags are more likely to malfunction in high humidity areas, but NHTSA contends that the recall should be expanded all states. Takata could face a fine of up to $35 million if it does not comply.

Related: Takata airbag victims looked like they had been shot

The flawed airbags can explode and hit passengers with shrapnel. At least four U.S. drivers of Honda and Acura cars are believed to have been killed by the airbags, according to the U.S. Center for Auto Safety. Honda is investigating reports of a fifth death, this one in Malaysia.

Related: Exploding airbag maker faces criminal probe

Millions of the airbags have already been recalled. Although the affected cars were manufactured by 10 different automakers, Honda (HMC) has been hardest hit. About five million Honda and Acura models are included in the recalls.

While not everyone injured has died as a result of the accident, the Center for Auto Safety has listed nine serious injuries from the airbags. At least two victims had metal pieces lodge in their eyes, permanently damaging their eyesight.

In most cases, the airbags deployed during a minor accident. But one lawsuit charges that the airbags in a 2001 Honda Civic deployed for no apparent reason while the car was stopped at a red light.

Lawmakers in the U.S. have taken a keen interest in the recall, and a House committee is scheduled to hold a hearing on Wednesday. A Takata representative is expected to testify.

First Published: December 2, 2014: 11:33 PM ET

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Despite scandal, Uber raising $1 billion at a $40 billion valuation

Uber CEO Travis Kalanick has been criticized for his company's tactics, but it's not impacting the fundraising.

NEW YORK (CNNMoney)

The company is looking to raise $1 billion in funding at a $40 billion valuation, a source with knowlege of the deal confirmed to CNNMoney. (Bloomberg first reported the valuation last week.) The company, currently valued at $17 billion, would be worth more than Netflix (NFLX, Tech30).

Additionally, Uber is working with Goldman Sachs on a separate round of funding, according to the source. The bank is offering its high net worth clients the option of convertible debt that could eventually be converted to stock. (This was first reported by Fortune.)

This comes just weeks after an Uber executive came under fire for suggesting the company dig up dirt on journalists who criticized the car service.

One investor called the recent controversies "PR misfires" that have yet to affect the business.

"The [company's] numbers are astronomical," he added.

"In terms of brand awareness, there's no company bigger than Uber right now," Bluerun Ventures Partner John Malloy told CNNMoney. "Late-stage investors have an appetite to be involved in ... what's looked at as the breakthrough company."

First Published: December 1, 2014: 7:36 PM ET

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