Goalsetter from Shark Tank

Goalsetter shark tank

Saving money and managing your finances are essential lessons that ensure greater security in one’s life. This skill needs to be instilled in kids from an early age to enable them to understand the value and importance of money.

Research suggests that children learn money management at an early age. Therefore, Tanya Van Court developed a money-saving app to help kids and families navigate the money-saving process. Introducing Goalsetter –an all-in-one solution to establish and track money-saving goals. Read our review of this app to learn everything you need to know about it.

Goalsetter is an application that provides families with a goal-based money-saving platform. It allows people to save up for their desires while setting realistic financial goals and developing responsible spending habits that could be passed on to the kids. The app has a user-friendly interface for savers, spenders, and givers.

Goalsetter is available on Google Play Store and Apple Store. To get started, users must sign up for a Goalsetter account. This step involves linking your bank account with the app to allow it to track your finances. You don’t have to worry about financial theft while using Goalsetter, as it secures personal data and information with bank-level encryption.

What sets this app apart from other saving platforms is that it allows families to set up individual Goalsetter accounts for everyone, even kids who save money in their boxes. Hence, it involves the whole family and helps children with essential financial strategies that will benefit them in the future.

Goalsetter also gives you access to a debit card with parental control, allowing parents to limit the number of swipes for a certain period. It also helps your child set goals for college or anything they wish to save up. Once you reach your goal, you can access the money. These debit cards have fun and educational finance quizzes for kids and teens. Parents can even pay their children for every quiz they get right.

Moreover, apart from saving money, this app also allows users to track spending, transfer money and make allowances. Each time you invite a friend or family member, you earn a dollar and donate a dollar to the charitable organization.

Tanya needed help with marketing and collaborations and thus appeared on ABC’s Shark Tank to seek an investor for her business. She entered the pitch seeking 200,000 dollars in exchange for 4% ownership of Goalsetter.

Tanya explained how her company generates money by charging a minimal fee for each transaction plus a fixed rate for transaction processing. She also mentioned that her company had made $40,000 in sales. While the Sharks were happy about these rates, they were not thrilled about the 21.1 million dollars she had successfully raised compared to her small sales figure.

Lori loved the business idea but was unwilling to invest, so she exited. Jamie also liked the concept, but he did not have any expertise in the area, so he also backed out.

Daymond was appreciative of the concept of tangible gifts, but he did not agree to invest. Kevin also complimented the idea of having a separate kids’ saving account, but he exited without making an offer.

Finally, Kevin offered $200,000 for 25% ownership of Goalsetter as he had some experience in the financial market. Kevin believed he could help take to brand forward. Tanya then made a counteroffer for $100,000 in exchange for 8% ownership. However, Kevin immediately declined, and Tanya had to walk away without a deal.

Despite not getting a deal at Shark Tank, Tanya’s business continued to run successfully. After the episode was aired, the business made headlines, and the number of app users increased to 20,000. Goalsetter is still in business, and you can download the app on the Google Play store or Apple Store.

Our Review of Goalsetter

Goalsetter is an app that allows families to set monetary goals and develop responsible spending habits. The good thing about it is that it also involves children in the process to help them understand the value of money and the importance of saving for the future.

Moreover, the app has a user-friendly interface. To get started, you have to set up FDIC-insured savings account for all family members. The app links the Goalsetter account and your bank account once you have signed up.

After the accounts have been linked, you can then set financial goals. For example, save up for something you are looking forward to buying, such as a ps5 and its corresponding price. Once you have established a monetary goal, Goalsetter allows you and your family to contribute towards it in interesting ways.

The app also allows parents to set allowances for their kids by depositing money directly into their accounts. It also has Parental Controls, enabling parents to restrict the amount kids can draw from their accounts. Alternatively, they can also use the auto-save feature to give their children access to a fixed amount every month.

Moreover, the app also has a dedicated section for gift giving that allows you to transfer money to your friend’s or relatives’ accounts, similar to gift cards.

Pros of Goalsetter

  • The app has a user-friendly interface.
  • It provides users with a way to save and transfer money.
  • Users have to solve a few quiz questions before transferring money, which is an effective way to improve one’s financial literacy.
  • It teaches families and children the importance of being financially responsible.

Cons of Goalsetter

  • Currently, the app only has smaller banks on board.

Who is Goalsetter for?

Gold Saturday is for everyone, including adults, teens, and children, who want to set financial goals and work towards achieving them.

Are there Any Alternatives?

So far, we have not found any alternatives for this app. However, indirect competitors include Budget Bakers, Giving Assistant, Thrive, etc.

Our Final Thoughts

Goalsetter is a unique business model that provides a family-friendly application allowing adults, teens, and children to save money for things they hope to buy. The process teaches them how to develop realistic goals, make financially responsible decisions and understand the importance of saving up for the future. They hope to contribute to improved educational and work outcomes by providing kids with their own savings accounts.