From Wall Street to Six-Figure Tutoring: One Man’s Remarkable Career Pivot
Steve Menking, a former equities trader on Wall Street, traded high-pressure finance for the rewarding world of private tutoring. After a “quarter-life crisis,” he discovered a passion for teaching, ultimately building a **six-figure tutoring business** that allows him to work 20-25 hours a week from home, earning over **$500,000 annually**. His journey showcases the potential for career reinvention and the surprisingly lucrative opportunities in the education sector.
Key Takeaways: From Finance to Fulfilment
- Steve Menking transitioned from a demanding Wall Street career to a highly successful and fulfilling career in private tutoring.
- He earns over **$500,000 annually** working only **20-25 hours per week**.
- He leverages his financial background, tutoring students in math, finance, and accounting at the high school and college levels.
- Menking’s success is a testament to the **growing demand for high-quality private tutoring** and the potential for significant income in this field.
- His story encourages exploring alternative career paths that prioritize work-life balance and personal fulfillment.
Building a Six-Figure Tutoring Empire
Menking’s journey began with a simple realization: his Wall Street career, while financially rewarding, lacked personal fulfillment. He yearned for a career that aligned with his values and provided more work-life balance. This realization led to a switch from equities trading at SMB Capital to tutoring.
From Humble Beginnings to High Hourly Rates
Initially, Menking submitted his resume to numerous tutoring agencies in New York and created a profile on Wyzant, an online tutoring marketplace. Setting his initial rate at just under $100 an hour, he used his **Wall Street experience** as a key differentiator, focusing on math, finance, and accounting for high school and college students. Through consistent effort, positive referrals, and demonstrable results with his students, Menking steadily increased his rates. By 2017, he was commanding **$150 per hour**.
Strategic Partnerships and Exponential Growth
A pivotal moment arrived when Thomas Howell, founder of Forum Education, a prominent New York-based tutoring agency, reached out to collaborate. This strategic partnership significantly amplified Menking’s earnings. “**That’s when my earning potential really took off**,” Menking recalls. Working through Forum’s extensive network, his annual income more than doubled, jumping from $95,000 to $200,000 within a year. He started working with students across the U.S., including those at prestigious Ivy League institutions like Princeton and Yale.
Diversification and the Launch of Menking Tutoring LLC
Menking didn’t stop at agency work. In 2020, he launched his own online business, Menking Tutoring LLC. This venture offers online test prep courses and corporate training, including coaching entry-level investment banking analysts. This diversification further solidified his income streams, providing even greater financial security and flexibility.
The Current Landscape: High-Demand and High-Value Services
Currently, Menking works with about a dozen students, mostly undergraduates studying finance or related fields. His hourly rate has climbed to an impressive **$1,000**. He assists students with practice problems, interview preparation, and clarifying complex concepts in college-level math courses. “I help students work through practice problems ahead of a major exam, prepare for internship interviews and ‘**demystify**’ some of the more complicated concepts introduced in college-level math courses.” he explains.
Achieving an Extraordinary Work-Life Balance
While Menking’s schedule isn’t fixed—ranging from 8-10 hours per week during summer to closer to 40 hours during exam periods—he meticulously manages his time to maintain a healthy work-life balance. He often works evenings and weekends to accommodate his students’ schedules, yet consistently prioritizes family dinners and playtime with his three children. “**Being a private tutor has given me an extraordinary work-life balance**,” Menking explains.
Navigating the Challenges
Menking acknowledges that some weeks are more demanding than others. Unexpected assignments, late-night student emails, and the occasional problem-solving hurdle are all part of the job. However, the overall experience has been overwhelmingly positive. He emphasizes the importance of patience as a key to success in this profession. “Tutoring might be a **lucrative side hustle**, but if you’re patient with the long hours and inconsistent earnings the job can bring, it can be a rewarding full-time career.”
The Rewards Beyond the Finances
For Menking, the rewards extend far beyond the substantial financial gains. “**There’s no substitute for waking up every day knowing you’re serving others in a way that aligns with your unique expertise**,” he states. He finds immense satisfaction in helping students succeed, fostering creativity, and pursuing his entrepreneurial spirit. “**It’s a career that allows me to be creative, to serve others, and to be entrepreneurial… I love it.**” he concludes.
Conclusion: A Blueprint for Career Reinvention
Steve Menking’s journey from Wall Street to a flourishing tutoring career serves as an inspiring example of career reinvention. His success highlights the potential for significant financial reward and personal fulfillment outside of traditional corporate structures. It underscores the growing demand for specialized tutoring services and the ability to leverage one’s existing skills to build a fulfilling and lucrative business that aligns with personal values. It’s a story suggesting that financial success and a balanced life aren’t mutually exclusive, they can coexist in unexpected and rewarding combinations.