A friend recently told me: either charge a lot or do it for free. But don't do it for chump change.

Some great point you got here! If the quality of your work is excellent, then you can apply this advice perfectly.

If you charge a lot, because you work is worth it, then only the best clients will stay with you. "Premium" clients they are usually called. If you do it for free (Because of a good reason. Like getting exposure, helping some noble cause or something) then you are also doing an excellent thing.

But if you do it for chump change, then is like you were saying "My work is only worth this". And man, that's a terrible idea...

Thank you for your kind words!