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

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

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

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

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

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.

Financial Coaching with Chris Hanna | Ep. 101

Key Takeaways

Intro

– What Is a Professional Blackjack Player?

– From Blackjack to Financial Coaching

– Rethinking Budgeting: Three Core Principles

– The Three Essential Checking Accounts

– Choosing Banks and Additional Accounts

– Tracking Distributions and Avoiding Pitfalls

Resources

Topics