What’s the Best Approach to Raise My Rate 50% [Traffic Talk]

Question

Best approach to up my rate by almost 50%? What’s your negotiation advice?

Context:
I was still a college student when I got this client. He hired me to be his graphic designer for all his projects — packaging, product label, merch desgin, and the like. Back then he asked for my rate and I said $XXX. He said it was too high and that I was still a fresh grad. We met halfway his ‘budget’ which was still enough at the time.

Fast forward to now, I just graduated and we still have this good relationship. Problem is, he missed payments before because I didn’t know better then that having a monthly invoice was needed. So I had to take his words every time I asked for my payment.

After some missed payment and feeling lowballed… I want to have a clearer expectations between the two of us. This year, I want him to know that I want to up my rate at 50%, the same rate that I told him 3 years ago.

We’re having a meeting tomorrow and I’m very anxious on how I will approach the situation. Do I bring it up after our meeting? Do I just say, ‘Hey this 2018 I want to make sure we’re clear on expectation bla bla bla… I’d like to negotiate my rate at $XXX’?

Any advice would be appreciated!