I’ve heard the question countless times: “Why 22seven?”
For those of you who are new, 22seven is a web and mobile app that lets you link all your financial accounts in one place and track your spending. 22seven also creates a personalised budget for you to help you spend smarter and do more with your ching-ching every day.
22seven is commonly confused with the term 24/7. People often ask “what happened to the other two hours?”
No, the name 22seven has nothing to do with our working hours. It’s actually just a bit of high school maths.
Bear with me
22 divided by seven is an approximation of pi (π). It is not exactly equal to pi, because pi is an irrational number. An irrational number, if you’ve forgotten, is one that cannot be represented as a simple fraction. So, 22 divided by 7 is a fairly close approximation.
If you’re already a bit lost, that’s okay, just know that pi is the ratio of a circle’s circumference to its diameter.
So what’s the link between an irrational number and what we’re about at 22seven? Well, just like pi, human beings are naturally irrational creatures.
Dan Ariely, a professor of psychology and behavioural economics at Duke University, wrote a book describing this very concept. In “Predictably Irrational: The Hidden Forces That Shape Our Decisions”, Ariely questions economic theory which is couched in the assumption that human beings are rational. He states that when it comes to decisions – including most financial ones – we are often influenced by emotion or impulse.
Wait, there’s more!
It turns out that 22 divided by seven is actually slightly greater than irrational pi.
At 22seven, we know that when it comes to your money, there will be times when you are irrational, and your irrational self today can create trouble for your smarter self tomorrow.
We truly believe that if you use 22seven to help you with your money, you will be greater than your irrational self – just like 22 divided by seven is greater than pi.
This was illustrated nicely by one of our customers, Banele Christopher, in an interview with MentorFeed.
“I think [22seven] changed the way I spend money and my lifestyle. I am more cautious now. I need a proper reason to swipe my card, I need a proper reason to take out money. If it’s not proper I just stop.” – Banele Christopher, 22seven customer.
Since we began our journey, we’ve heard countless stories of 22seven customers saving more money, getting out of debt, finding those sneaky unauthorized debit orders and taking back control of their money.
That’s the stuff that gets us at 22seven up every morning. We want to help build a money-confident South Africa, and that’s an awesome mission.
Running with the pi theme, we have decided to name our exciting upcoming weekly mailer “Slice from 22seven”. If you would like to receive weekly, digestible personal finance news, expert views and data-driven insights, click here to opt-in and receive the first edition straight to your inbox.