This nanny for the ultra-rich earned up to $110,000 a year and learned valuable lessons from the job.

• Instead of pursuing a career as a screenwriter in New York City, Stephanie Kiser ended up working as a nanny for affluent families.
• Despite earning six figures in child care last year, she desired to leave.

In 2014, Stephanie Kiser arrived in New York City as a fresh college graduate with dreams of becoming a screenwriter. However, she ended up spending the following seven years working as a nanny for affluent families.

Kiser's new memoir, "Wanted: Toddler's Personal Assistant: How Nannying for the 1% Taught Me about the Myths of Equality, Motherhood, and Upward Mobility in America," recounts her unplanned career shift.

For seven years, she worked as a nanny and was responsible for taking one client's daughter to literacy tutors that cost $500 per lesson, driving Porsches and Mercedes for everyday errands, and staying at a family's home in the Hamptons during the Covid-19 pandemic. Her clients were wealthy families and high-paying professionals such as doctors and lawyers.

An economist warns that this labor data trend is a sign of potential economic trouble.

Kiser's first nannying job paid her $20 an hour, which was significantly higher than the estimated $14 an hour she would have earned as a production assistant under a short-term contract. Additionally, she frequently worked overtime.

Kiser stated that it typically cost around $1,000 per week for all of his activities.

During her final year as a nanny during the pandemic, Kiser estimates she earned around $110,000, which opened doors for higher-paid positions through nanny agencies.

Despite having the least respected job among my friends, I was making the most, said Kiser, who is now 32 and works at an ad-tech company in New York City.

Kiser shared with CNBC some of the financial lessons she gained while working as a nanny, and the reasons behind her eventual departure from the role.

(This interview has been edited and condensed for clarity).

No prospects for job growth: 'I was very stationary'

Ana Teresa Solá: Upon first glance at this book, I was reminded of "The Nanny Diaries," a novel and subsequent movie from the early 2000s. What prompted you to choose to write your story as a memoir rather than a novel?

When Stephanie Kiser began her first job, she read "The Nanny Diaries." Although the book resonated with her at the time, she felt that it was a satire and didn't want to vilify the rich or the poor because she had dear friends on both sides.

My intention with the book was to provide a social commentary, aiming to bridge the gap in understanding between the two sides, as there is a belief that poor people lack effort while rich people are naturally evil.

Those who are wealthy and hire people in need have the privilege and opportunity to positively or negatively impact their lives.

Did you feel trapped because the pay for a professional job in New York was lower than what you were making as a nanny?

My last boss was taken aback when she read the book and felt sad, saying, "I had no idea you were so unhappy with your job." I responded, "I wasn't unhappy with my job. I loved working with your children, but it wasn't the job I wanted."

I felt trapped, with no other options left, and the situation worsened as time passed.

While my friends were advancing in their careers and gaining valuable experience, I remained stagnant in my job.

The feeling of being unable to do anything else was not pleasant. Now, with a new job and higher earnings, the first year of financial stability after nannying is a relief.

'There's no HR ... the contract is really all you have'

Why is it crucial for a business to wait for a contract before making a decision?

A contract as a nanny is crucial because there are no human resources or laws to protect you. Your employers have complete control and make all decisions. However, New York State has a "Domestic Workers Bill of Rights" that provides some protections.

In a nanny position, you cannot say, "I have already worked 60 hours this week, and I won't work any more."

Your whole life was going to be a nanny for this family, and the thought of not getting the contract was really worrisome. I had just come off a job where I felt like I wasn't a person, and I didn't want to accept another job where that was the case again.

What are the distinctions between an au pair and a nanny?

An au pair can work a maximum of 30 or 40 hours per week, as specified by their agency, which has made it clear that they cannot exceed this limit.

Au pairs receive specific accommodations, such as their own room, and have all their meals and transportation paid for, providing them with more protections than nannies.

Nannies who come from agencies are more protected and typically receive contracts. These are the best of the best nannies who have been doing this for 50 years and have raised many kids with amazing references. Alternatively, it's a young nanny who has just arrived after graduating from a great university and has 10 skills to offer. This is a luxury, honestly.

The uncertainty associated with this job is described, as nannying work may have a low barrier to entry and salary growth potential, but there are also other risks involved.

Nannies who have become pregnant inform their employers, but there is no guarantee of three months of maternity pay or the option to leave after eight months for rest.

If you have a medical emergency or anything goes wrong, you're not guaranteed to be safe in your job. It's a risky career in that sense.

'That's how you know they're wealthy'

If 47% of childless adults under 50 in 2023 are unlikely to ever have children, what would that mean for nannies?

I question whether the same applies to the individuals I am writing about. I wonder if this decline will affect them or if they are considered outliers.

A significant issue arises when many individuals in New York rely on babysitting or nannying as their primary source of income, either as an after-work job or due to their lack of legal documents, which restricts their employment opportunities.

Did you earn less than $90,000 as a nanny before becoming a personal assistant for a CEO with that salary and benefits?

As a nanny, I had earned $110,000, so a significant decrease would be a considerable reduction in my income.

I was a personal assistant and an executive assistant, and I became a senior assistant after changing companies last July. I was able to make more than I did nannying due to my hard work and quick thinking. However, I believe that my student loan payments being paused due to Covid played a significant role in my ability to make this transition.

I'm interested in learning more about the idea that some families display their wealth by having a large number of children, as mentioned in your book.

Whenever I contemplate my origins and the location of my birth, I often consider how families with numerous children are typically associated with financial hardship. However, when I observe affluent individuals with multiple children in New York City, it seems as though their wealth is the reason for their large families.

If you have three kids, you'll spend $40,000 a year on preschool, $60,000 a year on elite schools from kindergarten to 12th grade, and $240,000 on Harvard for four years.

After sending three kids to school, you often hire a full-time nanny to provide private guitar lessons.

What advice would you give to women in their 20s who are currently in the same position you were in a few years ago?

I believe that doing things simultaneously would have been more fulfilling for me. While I couldn't have lived on just babysitting, I think that combining it with writing would have resulted in the perfect outcome for me.

Nannying was crucial for me because it not only provided me with the financial means to survive, but it also gave me a foundation to build upon. When I relocated to New York, I lacked everything. Now, I possess a fully furnished apartment, essentials for adult living, a dog to care for, and a car to drive. These are all things that I wouldn't have been able to achieve without being a nanny.