Why did Socrates refuse to teach for money?

Socrates did not teach for money because his aims and methods were fundamentally different from those of the Sophists, who traveled from city to city charging fees for instruction in rhetoric and public speaking.123

While the Sophists offered a professional education designed to promote success in public life, Socrates insisted that he possessed no wisdom to sell. Instead of providing direct instruction, he engaged people from all walks of life in conversations to expose the inconsistencies in their opinions and actions. He viewed his philosophical activity as a duty to call his fellow citizens to an "examined life," a pursuit he believed was far more important than material gain.1435

Furthermore, Socrates’ entire way of life was grounded in the conviction that virtue is the only thing that truly matters. By refusing to accept payment, he maintained his independence and demonstrated that his devotion to the truth was beyond question, distinguishing himself from those who used their knowledge as a commodity.63