How to price design projects?

I wrote an article based on this note. Read it here.

Let me tell you a story. The narrative focuses on two designers. Each earns around $5,000 per month. Both have a similar portfolio and quality of work. Both are skilled and capable of creative problems solving.

However, there's a significant difference between these two designers.

One works 60+ hours per week serving 5 to 10 clients per month. Another one works 20-25 hours per week and only has 1-2 clients at a time. Although both designers are comparable, one works far more than the other. What is the cause of this?

The distinction is in the pricing.

I know this because I am both of those designers.

In the midst of a freelance career, I was the first designer and I was mishandling my pricing and working around the clock for a variety of clients.

After 9 months, I became a second designer. As a result of implementing new pricing strategies in my freelancing career, my life has changed. I was the same person, with the same skills and work quality, but I reduced my working hours by one-third.