As another data point, I'm about the same age, live in Idaho and freelanced around 2012 charging about $30-40 per hour and taking anything I could get on Elance/oDesk (now Upwork). I flipped PowerPC iMacs with the blown capacitor issue, took a local service call once or twice a month, and worked on shareware. I eventually went broke, but I landed a $50/hr, 6 month contract in a local office at the end doing backend web work.
I managed to save about $20,000 and freelanced the same way the next year or so, but charging $50/hr. Money steadily dropped, but it was mostly due to taking fixed-bid contracts, not tracking my time well, estimating done dates and then failing to bill after the deadline. So try not to give time estimates (which are often by by a factor of 3-10 or more), and if you do, be sure to bill if you go over. They are paying for the time it takes you to solve a problem, not your ability to guess at unknowns that can't be known until you've done them.
After that, I got a great gig at a local agency. If I find myself being a contractor again, I would charge 1.5-2x my desired hourly pay. In internet tech now, that's probably $75-150k/yr, $35-75/hr, even in rural areas, so a $75/hr freelance rate is probably a good minimum.
In other words, there's not an easy way that I could see to survive long as a contractor by taking a pay cut from your current salary. It's better to think in terms of charging twice as much as you're paid now, but finding work half as often. Which is generally worth it because it gives you time to work on your skills, do side projects, etc. I would not take other advice to moonlight, because a programming job by itself generally tends towards burnout.