I started off as a lousy freelancer. I tried my hand in Upwork. I did not get any project after sending a lot of proposals. So, I slashed my hourly rate to $9 /hr (from $25 /hr -- my first rate). And I got a few offers.
Then it became a bit ugly. There were too many people who wanted me to work for $9 /hr. And I told them I can't work for them at that rate. Some people offered me $20 /hr but no more than that.
At one time, I was working for 5 different people at $15-$20 /hr. At that time, I felt I was better off going back to my regular job where I don't have to work that much. I was getting paid much more at my corporate job thanks to being a bit older.
And then after a year or so of figuring it out, I had it all worked out.
These days, I keep my rate at $30 /hr. Not too low. Not too high either. This allows me to talk to a lot of people but work with only one or two. This rate gives me the options. Because I am not people friendly and I do silly mistakes at work.
Working with one client at a time makes it more of a remote job rather than some sort of freelancer. But it gives me time to pursue my hobbies, select my clients and have a good working relation with good clients.
For the last two years, I am working steadily at $30 /hour and around 1200 - 1500 hours per year, Comfortable to live in India.