Man quits Wall Street job, now earns over Rs 86,000/hour working from home as tutor

Steven Menking spends 20 to 25 hours per week tutoring students and young professionals to help achieve their academic and career ambitions. (Representational image: Unsplash)

New Yorker Steven Menking used to draw a six-figure salary as a Wall Street equities trader, but he quit the cut-throat world of finance to take up tutoring from home and now earns up to $1,000 (about Rs 86,800) per hour. Speaking to CNBC Make It, the former trader said he made the switch in 2014 after being drained by the relentless hours. He said his decision to pivot to his passion for education made him transition from a high-stress trading floor to a fulfilling role as a private tutor from the comfort of his home.

Menking now dedicates 20 to 25 hours per week to supporting students and young professionals in achieving their academic and career ambitions, a stark contrast to his previous demanding lifestyle.

Elaborating on how he scaled his rates and managed to stay independent, Menking told the publication, "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."

'Stop trying to please people with your career choices'
When asked for advice, Menking asked aspiring entrepreneurs to conduct thorough due diligence, understand their true worth, and, significantly, to shed external expectations about career choices. He emphasised the courage it takes to break away from societal perceptions, such as "being a finance guy," to pursue work that genuinely brings fulfilment.

"I had to make a radical commitment to being open to exploring different paths — without being overly concerned about other people’s perceptions of me," he said. "For example, I had to let go of thinking: I’m a finance guy, so I should get another finance job. If I don’t, what will my family, friends and former colleagues think of me?"

For Menking, this radical commitment to exploring new paths has resulted in a successful career built entirely on his own terms.