@jim11 @abhinav21 @mat1 and everyone else with Master's degrees and PhDs: Go for tutoring and then see where it takes you
I found a Quora subpage where US tutors discuss tutoring. Here is a copy/ paste of the first entry:
How much you make as a tutor is primarily driven by four factors: where you're located, how many hours you tutor, your perceived skill at helping students, and what time of year it is.
Location. As many have mentioned it depends on your area. It's not uncommon for tutors in major metropolitans in the US to charge $75+ an hour for SAT preparation. I've seen some as high as $125/hour. However, in smaller more rural areas, charging that high would severely limit the number of students you take.
Hours. The amount you make is directly related to how many hours you spend tutoring. It's pretty simple: the more time you spend tutoring, the more money you make. So if you want to do this part time and spend a few hours a few week meeting with students, that's obviously going to bring in less money than a full-time tutor.
Your Abilities. Parents and students are willing to pay a lot of money for a tutor, but only if they feel confident that the tutor is actually going to help the student. If you develop a reputation for delivering results, parents will be gladly pay more for your services than they would for someone who doesn't have as many recommendations.
Time of Year. One other thing to keep in mind, is that as a tutor you are also subject to the testing schedules. The closer it is to a testing date, the more demand there will be for your services. I found in my time as a tutor, that the summer is generally slow, and October and March are very busy, especially for SAT prep.
SAT prep can pay very well, but with it comes a level of expectations for service that is much higher than with an average high school class. Because of the pressure students feel to get into college, and how heavily weighted the SAT is, you have to be very sure that you'll be helping students more than if they just studied on their own.
Link:
https://www.quora.com/How-much-does-an-SAT-tutor-make