First and foremost, I named my price on this contract, which will be 27 hours per week average for the first 3 months, then option to renew for another 3 months

First and foremost, I named my price on this contract, which will be 27 hours per week average for the first 3 months, then option to renew for another 3 months. By your metric I should have asked almost 3x as much. But I'm not charging for a principal .NET guy, I'm charging for a jr. Rails dev. Put it another way, I'm probably at 1/3 the speed of a sr. Rails dev. There will be a day... so in a way, perhaps by this scale I took a huge pay cut against the risk. More than the $$, I get tremendous amount of value from this experience. It's my first paid 1099 (well not quite, but in this space it is). I get to work with a top-notch client and design firm, and I have a very sr. guy on retainer the client pays for for my use to help out on areas I get stuck and review all my code (FWIW, he is actually the one who introduced me to this client, we worked together on the prior project as well). I also have another client who wants me to bid shorter term work (they did offer at a rate that's 40% higher) but I told them to hold off for now because I want to get used to the new contract first and make sure I'm comfortable with the cadence. Key point - I will consistently be raising my rate, but for now I'm making almost as much as my day job and working much less hours, and I need to get out there network, get good, etc... and the rest will come. I'm approaching this in a way that aligns with my own principles. I'm not trying to be a bottom feeder in this market. I just am getting my feet wet with a minimal portfolio and simply happy to be in a position that I can make the transition into something I'd much rather be doing.