Finance To Fulfillment: Here's How An Ex-Wall Street Trader Turned Tutoring Into A $1,000/Hour Business

Steven Menking, once a high-flying Wall Street equities trader with a six-figure income, made a bold pivot in 2014, leaving behind the intense world of finance to pursue his passion for education. The decision marked a significant lifestyle change, trading long, high-stress hours for a more balanced and meaningful career as a private tutor based in New York.

Now operating from the comfort of his home, Menking dedicates between 20 and 25 hours a week to tutoring students and young professionals. He assists them in academic and professional development, offering guidance that ranges from standardized test prep to career mentoring. His services now cost up to $1,000 (about Rs 86,800) per hour.

Menking’s transition wasn’t just about following his passion—it was also a calculated business move. He told CNBC Make It that he began by collaborating with multiple New York City-based tutoring agencies and leveraging online platforms like Wyzant to build his client base. Initially charging $50 to $100 an hour, he steadily raised his rates by focusing on opportunities that allowed for long-term scalability.

“I partnered with several agencies in New York City and joined online tutoring platforms like Wyzant. I started at $50 to $100 an hour, then prioritised the channels that would allow me to increase my rates over time,” Menking explained.

Letting Go Of Labels

Menking believes the emotional journey of career reinvention is just as critical as the business aspect. He encourages aspiring entrepreneurs to detach from societal expectations and pursue roles that bring personal satisfaction rather than external validation.

“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?”

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Redefining Success On His Own Terms

What began as a personal pivot has now turned into a flourishing career defined by independence and purpose. By blending business strategy with a willingness to defy conventional paths, Menking has crafted a life that’s both financially rewarding and emotionally enriching.

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