Meet the $1,250-An-Hour Tutor

In the EPJ Daily Alert, I have advised that those looking for a career (and who don't have entrepreneurial skills) should consider professions that cater to the rich. Given the ever increasing government regulations, the split between the haves and the have nots is going to get greater.

One way to live well in this environment is to provide a service that the rich want. This can be anything from being a florist to an accountant---but specialize in up-scale services.

CNBC provides a good example of what I mean:

Nathaniel Hannan looks and sounds like many other young, highly qualified teachers.

The 33-year-old Indiana native went to Notre Dame and got his masters at Oxford in philosophy and theology before becoming a high school teacher in Washington, D.C. He loves to teach and has a gift for communicating.

But today, instead of working for a school, Hannan tutors the children of wealthy families. And he makes up to $1,250 an hour.

"It's different clients, but the same business," he said.

Actually, it's a different business entirely—and it's growing rapidly. While much of the American education system is struggling with tight budgets, overcrowded classrooms and low teacher pay, the tutor economy is booming.

ore and more of the world's millionaires and billionaires are seeking at-home teachers to give their children a leg up in the increasingly competitive and important education race. And, as the number of rich people grows around the world—and as more of them split their time between multiple homes in different countries—they are creating their own mobile, ultra-private schools in their homes.
Tutors International, a London-based tutor agency that hires and places many tutors in the U.S., said its business this year will nearly double over last year.

The typical salary for a full-time tutor today has jumped to between $70,000 and $120,000 depending on the requirements. But Tutors International has placed one tutor who is making $400,000 a year and another who was paid $80,000 for just 16 weeks of work.