Business Idea: Man Quits Trading At Wall Street For THIS Work From Home Biz, Now Earns Rs 86,000 Per Hour | Economy News
New Delhi: Former Wall Street trader Steven Menking quit his high-stakes equities job to launch a work-from-home tutoring business. Menking’s online tutoring business has advanced significantly from charging $50 per hour to earning up to $1,000 (about Rs 86,800) per hour. Once an equities trader on Wall Street, Menking is today the founder of Menking Tutoring. Menking’s success story inspires people to look beyond the conventional employment concept and choose careers that truly fulfill them.
Quits job after being drained by long work hours
Menking was an equities trader on Wall Street. The long work hours drained him and it eventually became clear to him that the job and the lifestyle just weren’t for him. He left the job in 2014 to pursue a more flexible career in education. “I was drained by the lifestyle,” he told CNBC Make It.
How Menking builds his tutoring business?
Menking was a tutor and a teaching assistant before entering finance. The realisation that supporting his students gave him a true sense of purpose led him to pursue his passion for education.
Menking had a humble start to his tutoring business. When he started tutoring, his rates were around $50 to $100 an hour. Menking said that he partnered with several agencies in New York and joined online tutoring platforms like Wyzant. He then prioritized the channels and increased his rates over time. He now tutors students and young professionals around 20 to 25 hours a week and earns up to $1,000 an hour.
Open to different paths and indifferent to people’s perceptions
Menking claimed that more than the financial switch, the hardest part was stepping away from the identity tied to his previous job title. It was a mental struggle to let go of the idea that he should go back to finance. But choosing work that felt meaningful, regardless of what others thought, was more rewarding, he said.
Menking said he made a radical commitment to being open to exploring different ideas without caring about people’s perceptions. “It takes a radical commitment to pursue something that fulfils you, regardless of what family, friends or former colleagues might think,” he said to CNBC Make It.
“It takes courage to start from scratch. In addition to creating something entirely new for yourself, you have to reconsider what you thought your future life would look like. But to be able to pursue work that really fulfills you, I find that it’s all worth it,” he said to CNBC Make It.
