At the age of just over 20, Steve Menking thought he had found a lifelong career working on Wall Street. However, shortly after his 25th birthday, while working as a stock trader on Wall Street, he experienced a “quarter-life crisis”.
He saw colleagues of his age or younger excelling in their careers, but witnessing someone staying in the office until 1 am made him unable to imagine that as his future. Menking, now 36, told CNBC Make It, “This is not the lifestyle I want.”
When he asked himself what kind of work would make him happy, the answer had nothing to do with banking or the stock market – he wanted to teach.
In 2014, Menking transitioned from the finance industry to full-time tutoring, believing it would be a “equally meaningful but less time-consuming” path in education, rather than pursuing a second bachelor’s degree to become a teacher.
A decade later, this decision paid off – both in terms of professional satisfaction and financial status. In 2023, Menking made over half a million dollars through private tutoring and is on track to earn the same income in 2024.
On average, Menking works 20 to 25 hours per week at his home in Connecticut, where he lives with his wife and three children.
He has built a thriving career with two main sources of income: contracting with the New York tutoring agency Forum Education and running his own online business, Menking Tutoring LLC, established in 2020.
After quitting his finance job, Menking sent resumes to dozens of counseling agencies in New York and created a profile on the online tutoring market platform Wyzant.
He set his hourly rate at just under $100, leveraging his Wall Street experience to tap into a market helping high school and college students learn math, finance, and accounting.
As his experience and recommendations grew, Menking increased his rates on Wyzant and negotiated higher fees with partnering agencies. By 2017, his hourly rate was around $150.
In the same year, an acquaintance of his, Thomas Howell, the founder of Forum Education, contacted Menking and encouraged him to work for the organization, skyrocketing his income.
Joining Forum and its extensive network of schools, students, and families more than doubled Menking’s income, from $95,000 a year to $200,000.
He started collaborating with young people across the country online, including students from Ivy League schools like Princeton and Yale. Most of Menking’s students are high school or college students.
Currently, he works with a dozen students, most of whom are undergraduate students pursuing degrees in finance or related fields.
He meets with most students at least once a week, helping them solve practice problems before major exams, prepare for internship interviews, and “demystify” some of the more complex concepts introduced in college math courses.
Menking currently earns about $1,000 per hour.
When Menking is not working with students one-on-one through Forum, he expands Menking Tutoring LLC, offering online test preparation courses and corporate training, such as coaching entry-level investment banking analysts.
“There is nothing like waking up every day knowing that you are serving others in a way that aligns with your unique expertise,” Menking says. “This career allows me to be creative, serve others, and have an entrepreneurial spirit… I love it.”