- Steven Menking quit Wall Street to become a tutor earning up to $1,000 per hour from home
- He works 20 to 25 hours weekly, earning as much as in his previous finance job
- Menking began tutoring at $50-$100 per hour and grew by partnering with agencies and platforms
A Wall Street equities trader who quit his job in the financial world to become a tutor is now earning up to Rs 86,292 ($1,000) per hour, working from home. New York-based Steven Menking had been drained by the long hours at work when he decided to call it quits and answer his calling, which was teaching and shaping the next generation.
"Prior to finance, I worked as a tutor and a teaching assistant. Looking back, I realised that when I was supporting my students, I had a true sense of purpose. So I decided to pursue my passion for education," Mr Meking told CNBC.
In a stark contrast to his previous job, where he worked gruelling hours, Mr Meking has to endure significant less stress, whilst earning as much as he did when working at one of the most demanding jobs in te US.
"I charge up to $1,000 per hour and work from home, about 20 to 25 hours per week," he added.
Quizzed about how he managed to scale up the operations and remain independent, Mr Menking said he started slow but managed to expand.
"I partnered with several agencies in New York City and joined online tutoring platforms like Wyzant. I started at $50 to $100 (about Rs 4,300 to Rs 8,600) an hour, then prioritised the channels that would allow me to increase my rates over time," said Mr Meking.
"But if I could go back and do things differently, I would have connected with other tutors to learn their best practices and get more involved in their networks, too."
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'Let go of...'
Mr Menking also shared how the biggest hurdle was not financial, but mental and emotional detachment from societal expectations.
"I had to let go of thinking: 'I'm a finance guy, so I should get another finance job,'" he said. "It takes a radical commitment to pursue something that fulfils you, regardless of what family, friends or former colleagues might think," he said.
Although he loves working in education, Mr Meking said he would not have been as fulfilled if he were a professor, primarily because they also spend "just as much time on administrative work like grants and paperwork".
"I got into this to connect with and help people achieve their goals, not to spend my days doing admin work."
