The most important thing to take away from this is that you need to be a responsible "professional" if you will, and know your C.O.D.B. when bidding on a job.
The truth is, everyone’s C.O.D.B. is different – and that’s absolutely fine and that will always be the case.
The irresponsible thing is no knowing what your number is.
When another colleague of yours bids $6,450 for the same job you’re being asked to shoot for $1,000, and you accept it, you are not only doing yourself a disservice, but also the fellow freelancer you are bidding against – not to mention the industry.
This isn’t a discussion on setting higher rates, or what rates "should be," those will always be different for people of different levels of experience and skill levels. This is a discussion on being responsible enough to know your own C.O.D.B. so that you are making good decisions on what to bid on jobs and when you’re actually losing money on a job, versus making a profit.
via:How to succeed as a creative long term: know your C.O.D.B. « Vincent Laforet's Blog