The album is available at shows and online but will not be commercially released until the lead single, a rendition of Ray Charles' "You Don't Know Me," is released in January.
"I feel like we did such a great version of 'You Don't Know Me' that it's gonna be a smash," Money said.
Money said he stuck close to the original arrangements, with the main difference being his vocals.
"You're never gonna beat an arrangement from Stax or Motown -- these are the best musicians in the world," Money said.
A few songs on the album also feature the singing debut of Money's daughter, Jessica.
She sings on "Ain't No Mountain High Enough" and "Mockingbird."
"She's not like a Britney Spears or Jessica Simpson," Money said.
"She's a great little blues singer. Her favorite singer is Etta James, and she likes Billie Holiday. She likes Bessie Smith."
Having already lived the rock singer life once, Money said it's tiring to have his daughter follow in his footsteps.
"She wants to be a f---ing rock and roll singer -- it's a pain in the ass! I thought she could have been a great dental x-ray technician or a manager at Dunkin' Donuts..." he said.
Jessica is also working on her own upcoming album with some production help from John Carter Cash, son of the late Johnny Cash.
Money said at this point in his own career, his interests have shifted from putting out new albums to concerts.
"When you put out your greatest hits, no one cares [about new records] anymore," Money said.
Money is comfortable with this fact, though.
"It's like Mariah Carey having a nervous breakdown because she's falling off the charts. Pop a couple more Xanax and move down a spot, make room for Christina Aguilera," Money said. "I've had my day in the sun, believe me."
Money also joked about the fact that he has not yet been inducted into the Rock and Roll Hall of Fame.
Artists are eligible 25 years after their first release, so Eddie Money's self-titled debut in 1977 has made him eligible since 2002.
"By the time I get into the Rock and Roll Hall of Fame, I'm gonna be in an urn on my wife's fireplace," Money said.
Money also said he missed the boat on the resurgence of '80s music.
"I sold my publishing rights to buy a house for my wife that she threw me out of," Money said.
Instead, Money said he enjoys playing live, getting the chance to sing, playing the saxophone and watching the crowd singing along. "That's the beauty of music. You put something on, and it takes you right back," Money said. "You remember where you were."
