Money Mistakes can Cost Thousands

The biggest mistake you're making with your money is apathy. Too many of us are just letting opportunities pass us by.

America's Money Answer Man Jordan Goodman says you need plan and make your money work for you.

"I think the number one thing people are doing wrong that's costing them money is not paying attention. People don't think about their money very much; they don't pay attention to it, they don't open their statements, they don't set up automatic investment plans."

Goodman says it's foolish to just let your money sit in a bank and earn money for the bank. But he says you don't have to play the stock market; you can earn 8% percent back each year the easy way with a commercial real estate fund.

"You could do something like a commercial real estate income fund where you get an 8% yield very, very safely over one year -- no fees. You could either get monthly checks or reinvest it back into the fund and have your money grow at 8%."

Goodman says you need to pay attention to your financial situation and have a plan. Other big money mistakes include buying a house you can't afford and not saving enough; trying to time the stock market for a big payoff and keeping all of your money in savings.

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