Need serious help with a client issue!!

[MaryD]

Hello! I'm having a $ issue with a old client that I agreed to do a magazine for REALLY CHEAP when I first started on my own in my freelance graphic design business back in June 06'. I know that we can't really talk about money issues...but I need Serious help and very fast. I did a 250 paged magazine for $400.00...I know..that's insanely cheap, but i didn't know any better at the time. I met the client through a past full time job, and I helped him out with bringing his really badly designed magazine back to life and "readable". What was really pushing me to do the magazine was the potential of having it in my portfolio...and in a lot of ways, this magazine has boosted my sales on Elance.com and through getting other clients. I have doubled my clients since I did one issue and template for the magazine. I have gotten into the mindset that I don't have the energy or the patience to keep doing this magazine for so cheap, because I'm not being paid right. My client is somewhat of a gamble and I basically had to talk to him for hours tonight to get him to bring the price up. Basically, the client is getting emotionally attached to me being the designer for the magazine since I have the talent, and he can't afford to pay anyone else, since I was so cheap when i said yes to the price. the best he will do is $600.00 per issue...
Hes also insistent that a 250 paged magazine with a template would only take a week to design since I already have a template made, but I'm sure that it will take longer then that. This is a Christian Magazine. What should I do? I don't want to leave him hanging since he helped me out, but I also still need to keep my business going and I can't spend all of my billable time on a magazine that pays so badly, when I can be working on higher paying projects to put food on the table. Any advice would help me out!
~Mary

[urstwile]

...but I also still need to keep my business going and I can't spend all of my billable time on a magazine that pays so badly, when I can be working on higher paying projects to put food on the table.
~Mary
I think that's the answer to your question right there.

[Riya]

If you want to donate your time to an organization that you deem worthy, that is fine. But if you cannot afford such a donation, then they need to find someone else.

[panzer]

or give it to some one you know needs the work

me

no but maybe you know someone who needs that work and like you thy are good

[MaryD]

Thanks guys for all of your help! I've decided this morning to stick with this client as long as I possibly can with the new price that he gave me. I just have to find ways to bring my total hours down so that I can feel like that price is worth the time:)

[greyghost]

I PM'd you - my background is magazine publishing and one of my biggest clients is a monthly magazine.