Asked on 02 Aug 2018
You're the person that can only answer this question! (sadly)
Do you think you are enjoying the process?
Are you doing this for long term?
Is the reason starting this tutoring the same as the reason you are continuing it?
You can always find money else where, but your fulfilment and happiness, I guess, is the main point of living.
Hopefully this help.
And I myself want to be a private tutor. And that's quite an impressive feat at your age. I would like to learn from you on how you started and such.
Anyway, maybe take a breather and think about what you really wana do. Good luck on your future endeavours!
Hi and great job there!
To be able to manage that many students and have a rather steady income at 6k is no mean feat.
Do you already have an idea on how to develop it into a tuition centre and stand out amidst the many competitions?
If yes, I would say go for it and don't worry about finding a job that pays you 3.5k.
Truth is when working for others you may not always get what you want - promotions, pay raise, recognition etc.
You may even get nose-led by recruiters, peers and bosses so if you already have a good system that's paying you and with the potential to acheve something more in your life; go for it.
Working in a corporate doesn't mean it's 9-5. Most of the time OT comes into play so I'd rather develop it into something I can call my own instead if I were you.
I'm a big believer in hustling. At your age, I made half what you made and I didn't have such an impressive system.
A social life is overrated. What is necessary is balance, priortization and professional segregation. When you're supposed to spend time with family, do that. When you're supposed to hustle, do that.
The reality that I'm seeing is that you've created an impressive system for yourself at a young age.
Being someone in your shoes presently as a self employed Financial Advisor, I can only professional advise you on two fronts.
1) Quantitative Happiness - Investing in yourself presently, between your system and present wealth, has been fruitful so far. What are the potential gains and losses as you look into the future? No one can really answer that for you here, but you've clearly been considering the losses. Can they be mitigated in the future with gains? Important note: Do not f it up and do something like miss your future childrens soccer games or work when your dad is in the hospital. Money is supposed to give you more time eventually, not less
2) Relative Income - Someone who works 40 hours a week for 3.5K is arguably better off than the clown who works 80 hours a week for 6k. Many of my clients make the mistake of only considering the Gross Income and not quantify the value of their time, which you can never get back. You need to strike a healthy balance between relative $/hour and gross income so that you get to well, have your social life.
Best of luck, and you can always consult me on other financially related matters if you felt this was useful to you.
Are you looking to build a business or be the business?
The former, you will need to understand what it takes to move from being a tutor to being a business owner.
The latter, you will need to understand what it takes to remain in the business.
Regardless, these points should be great starters...
Start by mapping out what motivates you (money? fun? friendship? ownership? long list...)
Understand what are the behaviours that suit you (your strengths, your skills, your personality...)
Maybe, look at where you are now and where you want to be in 5, 10, 20 years time...
From all of the above 3 points, develop your strategy...
"The only person who knows what is right for you is you"
Hope it helps
Pascal from Time to first byte
If u teach really well & generate good results, u can become one of those millionaire tutors. U have to honestly look at your ability, think long run & ask yourself what is best.
I will advocate you start your own business if you have the skills and talent.
People always tot working is for the sake of income and livelihood but they didn't realise is learning the skill that bring them wealth tt matters the most.
If what u said is true, focus on what you do best and progress from there.
Hope my reply helps.
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Well, financially wise, it makes more sense to retain your current role as a private tutor as you can already see yourself developing it into a tuition centre eventually.
A job that pays you 3.5k may not exactly mean you have a social life. For example auditors who are being paid at that amount or below, tend to OT very frequently.
At the end of day, there are alot of paths that lead to financial freedom, such as having a business (e.g. Tuition Centre), a high paying job, astute investments. If you have the entrepreneurial spirit, suggest that you continue doing what you are doing and eventually set up a successful tuition centre. The best job security one can have is being your own boss (but it also comes with risk), and since you are still young, WHY NOT
I think it really depends on your goals. There are some advantages to work off-office-hours. It means you get to go shopping during office hours where the shops are empty, do marketing when NTUC/cold storage has shorter queues, and watch movies when it's cheaper! It sounds like your current gig is not super stressful, you control the amount you work (based on how much you want to make), and you save hours on commute. It's a pretty good gig.
How has your social life been before now? How important is it for you to maintain or build up on that social life?
It is impressive that you already have the structure in place to have a good income and with growth prospect.
If you still like what you're doing and if you still see value in it, then it's worth it to continue. You will likely find a way to keep in touch w your good friends.
But if one day you find yourself seriously exploring options, then it's time to do a career review. But be prepared for a lifestyle change if your income dips suddenly.
All the best!
My view is, it's about being clear about what you want in life. Most people in their 20s do not have that clarity.
A good question to ask yourself is, if you have all the money you ever had to buy every possession or experience you need, what is next? what would you do that will make you fulfilled and happy?
Maybe after being clearer of the answer, more paths would surface other than the 2 you are considering.