1 00:00:09,520 --> 00:00:12,760 Speaker 1: So the pennies going away, and our next guest says 2 00:00:12,760 --> 00:00:15,840 Speaker 1: it could have a profound impact not only on your wallet, 3 00:00:16,320 --> 00:00:18,799 Speaker 1: with the bottom line of corporations, and he's done some 4 00:00:18,920 --> 00:00:21,320 Speaker 1: math to back it up. It's Kenley Casey Show. I'm Rob, 5 00:00:21,600 --> 00:00:24,319 Speaker 1: joined in CEO by my good friend. This guy knows 6 00:00:24,400 --> 00:00:27,640 Speaker 1: numbers unlike anybody else. His name is doctor Scott Strong. 7 00:00:27,960 --> 00:00:30,760 Speaker 1: He's a learning leader. Is that what they call you? 8 00:00:30,800 --> 00:00:33,920 Speaker 1: A learning leader? Something I will never be for a 9 00:00:33,960 --> 00:00:36,360 Speaker 1: fortune one hundred company. He's a he's a college professor, 10 00:00:36,640 --> 00:00:38,840 Speaker 1: and he is a dude that knows that a crunch number. 11 00:00:38,840 --> 00:00:40,680 Speaker 2: Scott Strong, Hello, Hello, Thanks. 12 00:00:40,840 --> 00:00:42,760 Speaker 1: Okay, So we've had you on many times over the 13 00:00:42,840 --> 00:00:45,360 Speaker 1: years as it relates to math and numbers and data 14 00:00:45,400 --> 00:00:47,479 Speaker 1: and this is what you do. You live in this world, 15 00:00:47,760 --> 00:00:51,760 Speaker 1: and I'm always fascinating the things in your very fertile 16 00:00:51,840 --> 00:00:54,600 Speaker 1: mind that are all that are popping up and you'd 17 00:00:54,600 --> 00:00:59,360 Speaker 1: begun to explore. Hey, the penny's going away? What might 18 00:00:59,440 --> 00:01:02,080 Speaker 1: that actually mean in terms of the amount of money 19 00:01:02,080 --> 00:01:04,640 Speaker 1: that comes out of the pockets of consumers but also 20 00:01:04,680 --> 00:01:06,560 Speaker 1: to the bottom line of these corporations. 21 00:01:06,720 --> 00:01:07,479 Speaker 2: Tell us about it. 22 00:01:08,040 --> 00:01:11,920 Speaker 3: Yeah, So what I found out is we all know 23 00:01:11,959 --> 00:01:15,119 Speaker 3: that the current administration did a way of penny because 24 00:01:15,160 --> 00:01:16,959 Speaker 3: it was more to produce the penny than it was 25 00:01:17,080 --> 00:01:21,400 Speaker 3: worth last year. And so I hadn't had been many 26 00:01:21,440 --> 00:01:23,920 Speaker 3: moons since I had been to white Castle, and I 27 00:01:23,920 --> 00:01:24,399 Speaker 3: had no real. 28 00:01:24,319 --> 00:01:26,759 Speaker 1: Quick The penny still exists, right, you can still use 29 00:01:26,800 --> 00:01:29,240 Speaker 1: a penny for those who don't never use cash. It's 30 00:01:29,319 --> 00:01:31,280 Speaker 1: just they're not making anywhere, so eventually, by war of 31 00:01:31,319 --> 00:01:32,480 Speaker 1: attrition it will go away. 32 00:01:32,640 --> 00:01:37,399 Speaker 3: Correct, So I had so what we're trying to move 33 00:01:37,440 --> 00:01:42,120 Speaker 3: to kind of a cashless society, right, So, but you'll 34 00:01:42,160 --> 00:01:46,200 Speaker 3: probably have noticed that there's a big thing about precious metals. Yes, 35 00:01:46,560 --> 00:01:49,000 Speaker 3: and we're you know, Trump and the administration are all 36 00:01:49,000 --> 00:01:51,600 Speaker 3: about precious metals. China is trying to keep it away 37 00:01:51,600 --> 00:01:55,480 Speaker 3: from us. Silver and gold exploding exactly so over like 38 00:01:55,520 --> 00:01:58,760 Speaker 3: seventy five dollars yesterday and all of this stuff. So 39 00:01:58,800 --> 00:02:00,840 Speaker 3: how does that make it difference to us? 40 00:02:00,920 --> 00:02:01,040 Speaker 1: Right? 41 00:02:01,280 --> 00:02:04,240 Speaker 3: Why is a penny? How does all this come into this? 42 00:02:04,920 --> 00:02:09,600 Speaker 3: And so about a year ago I started realizing, you know, 43 00:02:09,639 --> 00:02:14,520 Speaker 3: they started not producing you know, some of those metals 44 00:02:14,680 --> 00:02:17,880 Speaker 3: into our money. Yeah, we started pulling it back. And 45 00:02:17,960 --> 00:02:20,200 Speaker 3: so you've probably heard some of these stories of people 46 00:02:20,240 --> 00:02:23,679 Speaker 3: finding rare coins that are worth ten thousand thousand dollars. 47 00:02:24,400 --> 00:02:25,240 Speaker 3: There was a story in. 48 00:02:25,320 --> 00:02:27,800 Speaker 1: My mother in law examines every quarter because some of 49 00:02:27,800 --> 00:02:29,080 Speaker 1: them have a lot of stuff in them. 50 00:02:29,160 --> 00:02:31,440 Speaker 2: Yes, I'm fully aware of it. Yes, so I hear 51 00:02:31,440 --> 00:02:32,360 Speaker 2: about it all the time. 52 00:02:32,600 --> 00:02:34,959 Speaker 3: So it's kind of been one of these things where 53 00:02:35,000 --> 00:02:38,240 Speaker 3: people are keeping their change. Yeah, because you know, there's 54 00:02:38,280 --> 00:02:41,600 Speaker 3: this kid that found a Roosevelt dime in may or 55 00:02:41,760 --> 00:02:43,760 Speaker 3: nine hundred and forty five thousand dollars. 56 00:02:43,880 --> 00:02:44,880 Speaker 2: I saw an app. 57 00:02:44,919 --> 00:02:46,800 Speaker 1: Now there's an app where you can literally scan your 58 00:02:46,800 --> 00:02:48,800 Speaker 1: phone over the coin and it will tell you if 59 00:02:48,800 --> 00:02:50,040 Speaker 1: it's a coin worth keeping. 60 00:02:50,280 --> 00:02:53,000 Speaker 3: Yeah, so a lot of us are like, well, let's 61 00:02:53,080 --> 00:02:55,360 Speaker 3: pay in cash and get the coins and check it 62 00:02:55,520 --> 00:02:58,760 Speaker 3: right sure, because you never know. It's it's like playing the. 63 00:02:58,760 --> 00:03:00,240 Speaker 2: Lottery every day. Know. 64 00:03:00,760 --> 00:03:03,359 Speaker 3: So I went to I went to White Castle, and 65 00:03:03,440 --> 00:03:06,280 Speaker 3: I had many moons and they gave me my change back. 66 00:03:06,320 --> 00:03:09,119 Speaker 3: And I've been used to people saying, hey, we don't 67 00:03:09,160 --> 00:03:11,080 Speaker 3: have we don't have pennies. Do you mind if we 68 00:03:11,240 --> 00:03:13,480 Speaker 3: just not give you your pennies or can you donate it? 69 00:03:13,880 --> 00:03:15,720 Speaker 1: And so I was there and they don'tate it to 70 00:03:15,760 --> 00:03:19,760 Speaker 1: who to the White Castle Corporation, Capitol Corporation, the pennies 71 00:03:19,800 --> 00:03:22,440 Speaker 1: they need a penny so or Kroger or whoever. 72 00:03:22,880 --> 00:03:25,239 Speaker 3: And they gave it back to me and they didn't ask. 73 00:03:25,520 --> 00:03:26,440 Speaker 2: They just kept it. 74 00:03:27,639 --> 00:03:30,000 Speaker 1: And I was like, hey, wait, we're moving along in 75 00:03:30,000 --> 00:03:31,560 Speaker 1: the in the system very quickly. 76 00:03:31,680 --> 00:03:33,760 Speaker 3: Yeah, so I asked, I said, hey, did you guys 77 00:03:33,840 --> 00:03:36,520 Speaker 3: run out of pennies? Oh, it's corporate policy not to 78 00:03:36,520 --> 00:03:37,440 Speaker 3: give you pennies back. 79 00:03:37,480 --> 00:03:37,640 Speaker 2: Wait. 80 00:03:37,600 --> 00:03:39,400 Speaker 1: Wait, by the way, our guests is doctor Scott Strong. 81 00:03:39,440 --> 00:03:41,520 Speaker 1: We're talking about how the penny going away may hurt 82 00:03:41,560 --> 00:03:44,880 Speaker 1: you financially. Wait a second, so they just now on 83 00:03:44,920 --> 00:03:47,360 Speaker 1: their own the corporate This guy said, the corporate policy 84 00:03:47,400 --> 00:03:48,880 Speaker 1: is we just short you some change. 85 00:03:49,000 --> 00:03:52,280 Speaker 2: That's exactly right. And I was like, oh, wait a minute. 86 00:03:52,320 --> 00:03:55,040 Speaker 3: I mean usually people ask before they steal my money, 87 00:03:55,480 --> 00:03:57,280 Speaker 3: you know, you guys just keep it. And he's like, well, 88 00:03:57,280 --> 00:04:00,760 Speaker 3: it's corporate policy now. I said, no, oh, I said that, 89 00:04:00,800 --> 00:04:01,360 Speaker 3: you want to talk. 90 00:04:01,280 --> 00:04:04,240 Speaker 2: To my manager? I said yes, because I'm like, you know, 91 00:04:04,320 --> 00:04:04,760 Speaker 2: I want. 92 00:04:04,600 --> 00:04:06,920 Speaker 3: To I want to play the Londer Year with my coins. 93 00:04:06,920 --> 00:04:08,280 Speaker 3: I want to see if I get a you know, 94 00:04:08,400 --> 00:04:09,400 Speaker 3: ten thousand dollars coins. 95 00:04:09,440 --> 00:04:11,440 Speaker 1: Yeah. I mean, it's not like you're some guy in 96 00:04:11,480 --> 00:04:13,360 Speaker 1: a soup kitchen line. But it's the principle of it. 97 00:04:13,400 --> 00:04:14,960 Speaker 1: That's my money, you give it back to me. 98 00:04:15,160 --> 00:04:18,360 Speaker 2: Yeah, so, you know, so they look shocked that I 99 00:04:18,440 --> 00:04:19,080 Speaker 2: asked for this. 100 00:04:19,240 --> 00:04:22,280 Speaker 3: You know, they're shocked. And finally the manager comes up 101 00:04:22,279 --> 00:04:24,000 Speaker 3: and she says, what do you want? And I said, oh, 102 00:04:24,040 --> 00:04:24,480 Speaker 3: give me a. 103 00:04:24,480 --> 00:04:27,920 Speaker 2: Nickel and they did. 104 00:04:28,160 --> 00:04:30,960 Speaker 3: They, yes, finally they gave me a nickel after a week. 105 00:04:31,160 --> 00:04:32,760 Speaker 2: So you made a couple of pennies. I made a 106 00:04:32,760 --> 00:04:33,920 Speaker 2: couple of pennies. There you go. 107 00:04:34,080 --> 00:04:36,240 Speaker 3: So I went home and I thought about this and 108 00:04:36,320 --> 00:04:39,680 Speaker 3: I thought, well, what is it? How much are they making. 109 00:04:39,360 --> 00:04:39,800 Speaker 2: Off of this? 110 00:04:40,040 --> 00:04:42,920 Speaker 3: Because so I look back for their twenty twenty four 111 00:04:43,000 --> 00:04:47,120 Speaker 3: data using helpful AI, and you know, there's three hundred 112 00:04:47,160 --> 00:04:50,680 Speaker 3: and forty five white castles across the US. They're doing 113 00:04:50,760 --> 00:04:55,000 Speaker 3: roughly twenty five, you know, twenty five percent of their transactions. 114 00:04:55,920 --> 00:04:59,600 Speaker 3: So they're doing roughly twenty three hundred transactions a day. 115 00:05:00,080 --> 00:05:03,200 Speaker 3: So when I started doing the math, that comes out 116 00:05:03,240 --> 00:05:05,880 Speaker 3: to eight hundred and thirty five thousand dollars a year 117 00:05:05,960 --> 00:05:09,880 Speaker 3: for just one cent per cash transaction a day that 118 00:05:09,880 --> 00:05:10,920 Speaker 3: they're not giving back. 119 00:05:11,000 --> 00:05:13,640 Speaker 1: Well, so if white so your math tells you that 120 00:05:13,640 --> 00:05:17,400 Speaker 1: if white Castle just one penny on their transactions a 121 00:05:17,480 --> 00:05:20,240 Speaker 1: day for the average consumer, right, they would get eight 122 00:05:20,360 --> 00:05:22,960 Speaker 1: hundred and forty five thousand dollars just free money. 123 00:05:23,160 --> 00:05:25,680 Speaker 2: Yeah, your money. If it's just one cent. 124 00:05:25,760 --> 00:05:28,080 Speaker 3: Now mine was two cents, so I'd be like one 125 00:05:28,120 --> 00:05:29,720 Speaker 3: point six eight million. 126 00:05:29,760 --> 00:05:32,240 Speaker 2: That's a staggering amount of money. Yes, then that's just 127 00:05:32,320 --> 00:05:34,680 Speaker 2: white Castle. That's just three hundred and forty five. Think 128 00:05:34,720 --> 00:05:35,960 Speaker 2: about what the McDonald's would be. 129 00:05:36,160 --> 00:05:39,480 Speaker 3: Yeah, and so, and this is going on across the country. 130 00:05:39,560 --> 00:05:42,160 Speaker 3: So you're and so, you know, and I've been asked 131 00:05:42,200 --> 00:05:44,080 Speaker 3: several times, well, we don't have the pennies, and then 132 00:05:44,120 --> 00:05:46,040 Speaker 3: you know, what are you supposed to say? Yeah, just 133 00:05:46,200 --> 00:05:47,919 Speaker 3: keep it? You know, I've got a lot of people do, 134 00:05:48,160 --> 00:05:50,360 Speaker 3: and a lot of people do. I started doing a 135 00:05:50,400 --> 00:05:52,520 Speaker 3: little bit of research. So I asked the local bank 136 00:05:52,640 --> 00:05:55,480 Speaker 3: that I went into yesterday, and I said, hey, they 137 00:05:55,480 --> 00:05:58,080 Speaker 3: said they don't even give pennies back. I said, how 138 00:05:58,080 --> 00:06:00,760 Speaker 3: many businesses? They said, we don't even and we don't 139 00:06:00,760 --> 00:06:04,480 Speaker 3: even make it available to people anymore. Like the businesses 140 00:06:05,279 --> 00:06:07,240 Speaker 3: if somebody asks for pennies, you don't even give them 141 00:06:07,240 --> 00:06:08,000 Speaker 3: a roll of pennies. 142 00:06:08,080 --> 00:06:08,800 Speaker 2: No, wait. 143 00:06:08,800 --> 00:06:10,080 Speaker 1: Wait, you're saying, like, if I got by the way, 144 00:06:10,080 --> 00:06:11,680 Speaker 1: doctor Scott Strong is our guess. We're talking about the 145 00:06:11,720 --> 00:06:14,040 Speaker 1: death of the penny and what it'll mean to you financially. 146 00:06:15,080 --> 00:06:17,200 Speaker 1: You're telling me that if in some banks, you go 147 00:06:17,200 --> 00:06:19,200 Speaker 1: into a bank right now and they're like, give me, 148 00:06:19,240 --> 00:06:21,120 Speaker 1: you know, give me five dollars in pennies, I'll just say, no, 149 00:06:21,160 --> 00:06:22,240 Speaker 1: we can't do that. 150 00:06:22,440 --> 00:06:25,000 Speaker 2: That's correct. Holy smokes. I didn't know it. 151 00:06:25,040 --> 00:06:27,719 Speaker 3: I started asking yesterday and I was like, they said, oh, 152 00:06:27,720 --> 00:06:30,280 Speaker 3: we don't get pennies ay anymore. I said no, if 153 00:06:30,279 --> 00:06:32,000 Speaker 3: you have a check and it's like, you know, three 154 00:06:32,040 --> 00:06:34,239 Speaker 3: dollars and twenty three cents, we'll give you the pennies 155 00:06:34,240 --> 00:06:35,880 Speaker 3: for that. But if you come in and ask for 156 00:06:35,920 --> 00:06:38,280 Speaker 3: a roll of fifty cents, not all banks will give 157 00:06:38,320 --> 00:06:41,000 Speaker 3: you fifty cents anymore. They just don't give it. And 158 00:06:41,040 --> 00:06:43,960 Speaker 3: then as corporate policies, these companies are saying, we don't 159 00:06:44,000 --> 00:06:47,560 Speaker 3: give pennies. We round up in our favor, so we 160 00:06:47,600 --> 00:06:49,240 Speaker 3: take your pennies and we just keep them. 161 00:06:49,279 --> 00:06:52,320 Speaker 2: Okay, Now do you did you do any math. 162 00:06:52,120 --> 00:06:54,880 Speaker 1: On what it'll cost the average person a year if 163 00:06:54,880 --> 00:06:55,800 Speaker 1: they lose the penny? 164 00:06:55,960 --> 00:06:57,839 Speaker 3: I did not do that, but I could probably do 165 00:06:57,920 --> 00:07:01,320 Speaker 3: We could probably do it in AI. But you're you're 166 00:07:01,360 --> 00:07:04,920 Speaker 3: still looking at three to five percent of your cost 167 00:07:05,200 --> 00:07:09,720 Speaker 3: going up on every transaction. Well that if you're using cash, 168 00:07:09,920 --> 00:07:12,880 Speaker 3: that's which is what so you're looking. So when I 169 00:07:12,920 --> 00:07:15,360 Speaker 3: did the numbers in twenty twenty four, because nothing in 170 00:07:15,440 --> 00:07:18,320 Speaker 3: twenty twenty five is available yet because we just ended 171 00:07:18,360 --> 00:07:22,640 Speaker 3: the year, what people are paying about around fourteen percent 172 00:07:22,760 --> 00:07:25,000 Speaker 3: of all their transactions in cash. 173 00:07:25,200 --> 00:07:27,200 Speaker 1: So for so on average and fourteen percent of the 174 00:07:27,200 --> 00:07:30,000 Speaker 1: transactions are cash, and you're saying you could see a 175 00:07:30,080 --> 00:07:33,240 Speaker 1: three to five percent increase potentially on a transaction. 176 00:07:34,120 --> 00:07:35,000 Speaker 2: That's a lot of money. 177 00:07:35,320 --> 00:07:39,320 Speaker 3: That is millions, if not billions of dollars. So I 178 00:07:39,320 --> 00:07:42,200 Speaker 3: mean you start thinking about that number, that is huge. 179 00:07:42,200 --> 00:07:45,400 Speaker 3: So when you talk about inflation, well, inflation's coming down. 180 00:07:45,840 --> 00:07:48,800 Speaker 3: It's going through the roof. Now there some places are 181 00:07:48,800 --> 00:07:51,160 Speaker 3: being smart and saying, well, we'll round up and we'll 182 00:07:51,160 --> 00:07:53,680 Speaker 3: give you, we'll give you a free coke, we'll give 183 00:07:53,720 --> 00:07:54,520 Speaker 3: you a two. 184 00:07:54,440 --> 00:07:56,720 Speaker 1: Leon Walmart did that to me the other day. Walmer 185 00:07:56,840 --> 00:07:58,680 Speaker 1: was one of the ones that rounded up. I think 186 00:07:58,720 --> 00:08:01,920 Speaker 1: my my penny I was do back was three and 187 00:08:01,960 --> 00:08:04,440 Speaker 1: they gave me an extra nickelback, so they did round up. 188 00:08:04,520 --> 00:08:06,800 Speaker 3: Yeah, there's a few that are doing it, but most 189 00:08:06,840 --> 00:08:09,600 Speaker 3: of them. But I was amazed when they said, our 190 00:08:09,640 --> 00:08:12,280 Speaker 3: policy is not to give you your pennies back, and 191 00:08:12,320 --> 00:08:14,400 Speaker 3: I thought, well, my policy is to ask for it. 192 00:08:14,720 --> 00:08:16,520 Speaker 1: You should now real quick before we let you go. 193 00:08:16,560 --> 00:08:17,880 Speaker 1: I got just a couple of minutes later with doctor 194 00:08:17,880 --> 00:08:18,440 Speaker 1: Scott Strong. 195 00:08:18,480 --> 00:08:20,720 Speaker 2: You're an AI expert. Yess what you do for your job. 196 00:08:21,440 --> 00:08:23,320 Speaker 1: You've been on with us talking about the You in 197 00:08:23,320 --> 00:08:26,480 Speaker 1: fact made jingles for our radio show that were entirely 198 00:08:26,520 --> 00:08:29,000 Speaker 1: done by AI. It's fastening the work you do. My 199 00:08:29,160 --> 00:08:33,360 Speaker 1: wife works in cybersecurity, so she deals with AI. She 200 00:08:33,760 --> 00:08:37,720 Speaker 1: has said, we're getting into a more concerning point because 201 00:08:37,760 --> 00:08:41,240 Speaker 1: the AI AI is getting smarter. Yes, five years ago 202 00:08:41,679 --> 00:08:44,240 Speaker 1: the AI was stupid, she says. Now by the day, 203 00:08:44,280 --> 00:08:48,120 Speaker 1: the AI is getting smarter, the videos look better. 204 00:08:48,640 --> 00:08:50,280 Speaker 2: Should we be afraid of AI. 205 00:08:50,840 --> 00:08:54,640 Speaker 3: Yes, we should in the aspect that we're gathering the 206 00:08:54,679 --> 00:08:59,080 Speaker 3: information from the people that are out here, so we're 207 00:08:59,400 --> 00:09:02,280 Speaker 3: literally harvesting the knowledge from the people that have it. 208 00:09:02,760 --> 00:09:06,040 Speaker 3: The problem is we're dumbing down the critical thinking skills 209 00:09:06,080 --> 00:09:10,000 Speaker 3: of the next generation. So it's two aspects. One the 210 00:09:10,040 --> 00:09:14,440 Speaker 3: next generation that if you retain your critical thinking skills, 211 00:09:14,520 --> 00:09:17,560 Speaker 3: it's a smorter spoort of opportunity for you if you 212 00:09:17,640 --> 00:09:18,720 Speaker 3: keep your skills up. 213 00:09:19,120 --> 00:09:22,880 Speaker 2: But guys like me are done. People radio guys are done. 214 00:09:23,000 --> 00:09:26,280 Speaker 3: It's over, but it can be it can be detrimental 215 00:09:26,320 --> 00:09:29,520 Speaker 3: to people if you go the route of over reliance 216 00:09:29,559 --> 00:09:30,120 Speaker 3: on AI. 217 00:09:30,520 --> 00:09:32,000 Speaker 2: Scott Strong, Where can people find you? 218 00:09:32,000 --> 00:09:33,920 Speaker 1: If they want to learn more about your fabulous math 219 00:09:33,960 --> 00:09:35,280 Speaker 1: and AI and everything else you do. 220 00:09:35,760 --> 00:09:40,040 Speaker 3: You can find me at my website ww doctor Scottstrong 221 00:09:40,120 --> 00:09:43,280 Speaker 3: dot com, Dr Scott Scottsstrong dot com. 222 00:09:43,040 --> 00:09:45,720 Speaker 1: Doctor Scottstrong dot com. Thank you, It's gonna the Case 223 00:09:45,720 --> 00:09:46,960 Speaker 1: Show ninety three WIBC