The way I position it as a freelancer — whether writing or other — is that if they pay me less, I need to take on more clients, which means that each client gets less attention and focus. With fewer clients, I can give them more attention and do more quality work.
Freelancers are at risk of spreading themselves too thin by accepting too much work to earn enough money. That can lead to burnout. Many of us live in big, expensive cities (New York, Toronto…).
Unfortunately, with freelancing, it’s often a race to the bottom, with freelancers trying to outbid other freelancers and undervaluing themselves in the process because they want the job. This assumes that clients are looking to hire the least expensive person, but either you get what you pay for, or you live the lifestyle you’re paid for.
I used to see these issues in social media management. They probably still exist there, but I don’t look in those places anymore, and no one I know offers social media alone anymore.
I recently began a full-time job but kept my freelance client. I’ll take more as time allows. It’s nice to know that I have a regular, liveable income. I’d love to spend my days writing and maybe one day I will, but not for 2 cents per word. (Though that $400/month USD is $530 CAD, and Canadians all want the U.S. clients for that reason.)