[c#] The SMTP server requires a secure connection or the client was not authenticated. The server response was: 5.5.1 Authentication Required?

I created a Microsoft 365 Developer subscription (E5) today morning and used it to send a test email using the following settings

using (SmtpClient client = new SmtpClient())
{
    client.EnableSsl = true;
    client.UseDefaultCredentials = false;
    client.Credentials = new NetworkCredential(username, password);
    client.Host = "smtp.office365.com";
    client.Port = 587;
    client.DeliveryMethod = SmtpDeliveryMethod.Network;

    client.Send(msg);
}

It did not work in the beginning, as I kept getting this error message with the exception thrown by this code. Then, I spent about 4+ hours playing with the Microsoft 365 admin centre settings and reading articles to figure out the issue. Ultimately I changed my Microsoft 365 admin centre password and it worked like a charm. So, it is worth to try changing the password when you get this message, before thinking about any advance solution.

Note that the password wasn't invalid for sure as I logged on to my Microsoft 365 account without any issues. however, the password change solved the issue.