Episode•May 10, 2022•19 min

Financial Coaching with Chris Hanna | Ep. 101

Chris Hanna joins Tiffany in this episode, sharing his unique background as an entrepreneur, being a professional blackjack player, and training brazilian jiu jitsu. He shares how he combined all these experiences with his degree in finance and economics to help UFC fighters and entrepreneurs manage their finances. About Our Guest Less than 24 hours after graduating college, Chris began counting cards as a professional blackjack player. With a new degree in finance and economics and internships at a multi-billion dollar hedge fund, he was offered a job on Wall Street but turned it down solely to disappoint his parents. Two years later, Chris worked 5 simultaneous gig-jobs to continue pursuing his dreams as an entrepreneur, train brazilian jiu jitsu, and avoid a regular job at all costs. Today, Chris brings all his experiences to financial coaching. He helps UFC fighters and entrepreneurs manage their money to gain peace of mind, spend more time doing what they love, and build wealth with confidence. Connect with Chris Instagram: https://twitter.com/chrisallenhanna Twitter: https://twitter.com/chrisallenhanna Facebook: https://facebook.com/chrisallenhanna Connect with Tiffany on Social Media Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

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Key Takeaways

1
Professional blackjack players profit by flipping the house edge through card counting
Blackjack has a ~0.5% house edge; card counting tracks high vs. low cards to know when the edge flips positive for the player
Players increase bets when the count favors them and decrease when it doesn't, turning the game into a long-term positive expected value
2
Budgeting is a tool, not a core principle—focus on three underlying money principles instead
The three principles: Decide what to do with your money, ensure you stick to decisions, and track/organize efficiently
Traditional budgeting fails for many; distributing money into purpose-specific accounts (like cash envelopes but with banks) is more efficient
3
Use multiple bank accounts to separate fixed expenses, needs, and wants
Three primary checking accounts: fixed/recurring expenses, needs (food, gas), and wants (leisure)
Additional savings accounts for taxes, emergency fund, investing in yourself, or real estate down payments
4
Choose banks without minimum balances or maintenance fees for flexible money distribution
Recommended banks: Ally Bank and Capital One for no hidden fees and user-friendly online banking
Income account should drop to zero each pay period with automatic transfers to other accounts
5
Track distributions monthly in a spreadsheet for long-term visibility and motivation
Simple tracking of transfers into each account replaces detailed expense categorization
Month-over-month and year-over-year data reveals income growth and spending patterns

Intro

Chris Hanna shares how his unconventional path—from professional blackjack player to Brazilian jiu-jitsu practitioner to financial coach—shaped his unique approach to helping UFC fighters and entrepreneurs manage money.
Chris Hanna turned down a Wall Street job after graduating with a finance and economics degree, instead becoming a professional blackjack player, working gig jobs, and training jiu-jitsu before developing his financial coaching practice.

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– What Is a Professional Blackjack Player?

Chris explains that professional blackjack players profit by understanding 'the edge'—the casino's average win percentage—and flipping it through card counting.

In blackjack, the edge is very small. It's actually nearly close to zero. It's only about half a percent.
– Chris Hanna

By tracking high and low cards, players know when more high cards remain, giving them a statistical advantage to increase bets accordingly.

– From Blackjack to Financial Coaching

Chris doesn't day trade but applies skills from blackjack to personal finance. After leaving blackjack, he worked multiple gig jobs while training jiu-jitsu, eventually reevaluating his finances when training costs exceeded income.

If I do what I love, the money is going to follow—that underlying belief was guiding me, but I was struggling and it was coming out of my pocket every month.
– Chris Hanna

– Rethinking Budgeting: Three Core Principles

Chris tried traditional budgeting since age 16 but found it inefficient. He identified three underlying principles: decide what to do with money, stick to decisions, and track efficiently.

Budgeting is a tool, but it's not an underlying principle of managing money.
– Chris Hanna

Instead of tracking every expense from one account, he recommends distributing income into purpose-specific accounts like the cash envelope system but using bank accounts.

– The Three Essential Checking Accounts

Bills, utilities, subscriptions, debt payments

Food, gas, general necessities

Leisure and discretionary spending

– Choosing Banks and Additional Accounts

Look for banks with no minimum balances, no maintenance fees, and user-friendly interfaces. Chris recommends Ally Bank and Capital One.

I like to have a savings account specifically for investing in myself or in assets.
– Chris Hanna

Additional savings accounts can include emergency funds, tax reserves (for business owners), and personal development funds.

– Tracking Distributions and Avoiding Pitfalls

Money flows into an income account (checking without debit card), then gets distributed. Track transfers on a spreadsheet or paper to maintain visibility without complex expense categorization.

You're going to do it for the rest of your life because you're just thrilled to be able to look back at any time and know where your money went.
– Chris Hanna

Resources

Topics

personal financebudgetingbank accountsmoney managementblackjackcard countingfinancial coachingUFC fightersentrepreneurshipprofit first method