Author: Dileep Gangolli
Date: 2009-04-16 18:50
Depending on what you charge, the number of students you have, and your financial needs and costs of living, you can do quite well teaching privately.
Think about it. If you teach 30 -40 hours a week at say $50/hour, that would be roughly $1500 - 2000/week. Give yourself four weeks off a year plus students take vacations etc. so $1500 X 40 weeks (both lowball numbers) is $60K/year with 12 weeks off or inactive.
Plus US tax law favors independent contractors and self employed people. SEP IRAs, home office deductions, depreciations, mileage, etc.
Given costs of living outside of major urban areas, I think you could actually do quite well.
Also, in terms of a recession, while one or two of your students may not be able to afford lessons, you will never lose your entire studio. If you work for an employer and get downsized, you have no income after your unemployment insurance runs out.
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