When Steve Menking started working on Wall Street in his early 20s, he thought he found a career for life. However, shortly after his 25th birthday, Menking experienced what he jokingly refers to as a “quarter-life crisis.” While working as an equities trader at SMB Capital, he saw colleagues his age or younger excelling in their careers. The relentless hours spent in the office until 1 a.m. made him realize that such a lifestyle was not for him.
Reflecting on what would make him happy, he discovered that teaching was his true calling. Having worked as a teaching assistant and tutor during college, he found that these experiences brought out a more patient, purpose-driven version of himself, giving him a deep sense of meaning.
In 2014, Menking transitioned from finance to full-time tutoring with the hope of finding a path in education that was meaningful yet less time-intensive than earning a second bachelor’s degree to become a teacher. Fast forward to 2023, and that decision has borne fruit in both satisfaction and financial success, as Menking earned more than $500,000 through private tutoring.
Operating from his home in Connecticut, where he resides with his wife and three children, he has crafted a successful career with two main income streams: contracting with Forum Education, a New York-based tutoring agency, and managing his own online business, Menking Tutoring LLC, launched in 2020. Today, he averages 20 to 25 hours of work per week, providing him with an extraordinary work-life balance.
After quitting his finance job, Menking submitted resumes to numerous tutoring agencies and created a profile on Wyzant, an online tutoring marketplace. Setting a rate just under $100 per hour, he leveraged his Wall Street experience to specialize in assisting high school and college students in math, finance, and accounting. As he gained experience and referrals, he increased his rates, eventually reaching about $150 per hour by 2017.
His career took another leap when he connected with Thomas Howell, founder of Forum Education, who encouraged him to join the agency. This partnership greatly expanded his earning potential, allowing him to work online with students from various schools, including prestigious Ivy League universities. His income significantly surged, more than doubling from $95,000 to $200,000 annually.
Currently, Menking works with around a dozen students, mostly undergraduates pursuing degrees in finance and related fields, and his rate has climbed to about $1,000 per hour. His responsibilities include helping students tackle practice problems for major exams, preparing for internship interviews, and clarifying complex college-level math concepts.
While his workload varies throughout the year, with lighter hours in summer and busier periods during winter and spring when students are preparing for finals, Menking has found a rhythm that allows him to prioritize family. Although he sometimes faces the stress of last-minute homework questions or urgent student emails, he emphasizes that being a private tutor has afforded him an extraordinary work-life balance.
This story illustrates that tutoring can start as a side hustle but transforms into a rewarding full-time career. Menking believes that there’s nothing quite like the fulfillment that comes from waking up each day to serve others while utilizing his unique expertise. His journey reflects creativity, service, and entrepreneurship—all wrapped in a fulfilling career that he truly loves.
Source: CNBC
