Steven Menking used to work as a trader on Wall Street, dealing with big money and fast decisions. But in 2014, feeling 鈥渄rained by the long hours,鈥 he decided to change his path completely. Now living in New York, he spends his time tutoring students and young workers online, helping them with school and career advice. He charges $1,000 per hour (approximately Rs 86,000). He works 20 to 25 hours a week, a job which lets him use his experience to guide others while enjoying a better work-life balance.
Talking to CNBC, Menking explained, 鈥淚n 2014, I was an equities trader on Wall Street. Drained by the long hours, it eventually became clear that the job and the lifestyle just wasn鈥檛 for me. 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.鈥
鈥淔or the last decade, I鈥檝e been working as a private tutor, helping both students and young professionals achieve their academic and career aspirations. I charge up to $1,000 per hour and work from home, about 20 to 25 hours per week. When you figure out what the least and most you can make is, you can set your pricing accordingly to grow along with your reputation and client base. Don鈥檛 be afraid to think expansively,鈥 Steven Menking shared.
Before becoming a full-time tutor, the former trader worked with a few agencies in New York City and also signed up on tutoring websites like Wyzant. At first, he charged between $50 to $100 an hour. As Menking progressed, he focused on the platforms that helped him slowly raise his fees. He also made a strong decision to try new things without worrying about what others might think of his career switch. This open mindset helped him build a new and successful path in education.
Steven Menking shared that he had to stop thinking that he must stay in finance just because that鈥檚 where he started. He admitted that worrying about what family, friends or old co-workers might think made things harder. Starting fresh was not easy, but it pushed him to think differently about his future. He had to leave his old plans behind and imagine a new path. Even though it took courage and effort, he believes it was worth it because now he is doing something that makes him happy.