Rachel Cohen is a full-time project management consultant, but she has a lucrative side gig that’s helping boost her savings for the future. She works as an ACT/SAT tutor and makes between $500 and $2,500 a month — but she only works a few hours a week.
Below, find out how Rachel launched this awesome side hustle and what it takes to be a tutor.
Finding a side job
Rachel tutored informally in high school and college, helping friends and family members with their schoolwork. When she moved to New York to start her career, she started researching side hustles that would fit her schedule and help her manage the high cost of living in such an expensive city.
With her experience tutoring and her own know-how — Rachel graduated from the University of Pennsylvania and had high standardized test scores herself — she found a number of tutoring opportunities right away. Best of all, offering tutoring services does not have any startup costs.
Managing her work and side hustle
On top of her full-time job, Rachel juggles several tutoring clients.
“I’ll have anywhere from three to 10 [clients] at a time,” says Rachel. “I meet with them once or twice a week, depending on their needs. I’ll meet them at their homes or at the library and I tutor all levels, from elementary school through high school. But the bulk of my business is in preparing students for the ACT or SAT.”
In her tutoring sessions, Rachel will assign students practice problems, identify areas of weakness, and work on overall academic performance. She’ll also help them with test-taking strategies to maximize their chances of doing well on standardized tests.
“I mostly work with individual students; that’s 99 percent of my business,” says Rachel. “But I do occasionally work with small groups on request.”
With video conferencing becoming much more accessible, Rachel isn’t limited by geography.
“I mainly do in-person tutoring, but I also do some sessions over Skype. I have some clients outside of New York who find me online. Others are in New York but are too busy or too far outside of the subway route to meet. It’s just more convenient for them,” says Rachel.
Earning a second income
Rachel’s income varies depending on the time of year, but she estimates that she makes $1,000 a month on average.
“Depending on the season, I’ll make between $500 and $2,500 a month. Right now, this time of year is very busy with students preparing for entrance exams and the SAT/ACT tests. Private schools typically hold their exams this time of year, too,” says Rachel.
But she estimates that she spends just five to 10 hours a week on her side hustle. That means she makes a high hourly wage with her side gig, which gives her more freedom.
Rachel is using the extra money to plan for the future. “I’m saving for my future children’s education,” she explains. “I don’t have kids yet, but I read somewhere that if I had children, their college educations would cost over $90,000 a year, so I’m planning now for my one-day family.”
Getting work as a tutor
If you’re interested in becoming an academic tutor like Rachel, she recommends digging up your old test scores.
“If you want to be a tutor, high standardized test scores are a must. Either find your old tests or retake the SAT or ACT again. Getting a good score is essential for marketing yourself to clients,” says Rachel.
Rachel has met many tutors who take the tests yearly to keep up with the newest problems and trends. And because the tests can change dramatically — for example, the new SAT is based on a 1600 scale, while the old one was 2400 — it’s important for tutors to stay ahead of developments.
For those who can do well on standardized tests and work with students, tutoring can be very lucrative. You can decide to work through an agency, who will screen you, train you, and help connect you with clients.
Alternatively, you can opt to work for yourself and find your own clients. While this approach requires more effort, you can set your own schedule and take 100 percent of the profits.
“Through my work, I’ve met a lot of people, especially in New York, who make a lot of money. It can be a full-time job, and some earn well into the six-figures,” says Rachel.
Side gigs can smooth out your finances
Getting a side gig can help you earn more money and meet your financial goals. Since you can only cut your budget so much, bringing in additional income can help you pay down debt, boost your savings, or plan for the future like Rachel.
For more ideas on side hustles, learn about five side gigs you can start tomorrow.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
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1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 6.97% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.30% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
APR stands for “Annual Percentage Rate.” Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 11/8/2018. Rates subject to change.
Variable rate options consist of a range from 3.27% per year to 6.09% per year for a 5-year term, 4.64% per year to 6.14% per year for a 7-year term, 4.69% per year to 6.19% per year for a 10-year term, 4.94% per year to 6.44% per year for a 15-year term, or 5.19% per year to 6.69% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.27% per year to 6.09% per year for a 5-year term would be from $180.89 to $193.75. The monthly payment for a sample $10,000 loan at a range of 4.64% per year to 6.14% per year for a 7-year term would be from $139.65 to $146.76. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.19% per year for a 10-year term would be from $104.56 to $111.98. The monthly payment for a sample $10,000 loan at a range of 4.94% per year to 6.44% per year for a 15-year term would be from $78.77 to $86.78. The monthly payment for a sample $10,000 loan at a range of 5.19% per year to 6.69% per year for a 20-year term would be from $67.05 to $75.68.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.28% effective October 10, 2018.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate|
|2.47% – 6.30%1||Undergrad & Graduate|
|2.51% – 8.09%4||Undergrad & Graduate|
|3.02% – 6.44%2||Undergrad & Graduate|
|2.69% – 7.21%5||Undergrad & Graduate|
|2.79% – 8.39%6||Undergrad & Graduate|