I would love nothing more than to live off the land so to speak and make my farm a viable enterprise. Maybe in years gone by, it could have. My two uncles used to live here, and my auntie. One uncle worked elsewhere full time, but helped on the farm at weekends, and haymaking etc - sometimes doing another days work when he arrived home from his job! The other uncle worked full time on the farm, with my auntie helping as she could, but mainly keeping house and her chickens etc.
They did have a lot of land at one time, but cut down to 25 acres as they got older, to make it a bit easier on them. They did things the old fashioned way, no fancy milking parlours, but eventually used a tractor instead of their farm horses. Once the milking cows went, they kept suckler cows, and bought weaned calves to rear to sell next spring. As they cut their own hay, they only had to buy hard feed in, and of course house the cows in winter. They appeared to make a living out of doing this, plus my auntie had a big free range egg business, that was in the days when she could go round the local corner shops with a basket of eggs every week.
Like I said, they did not have a mortgage, and did live probably a modest lifestyle. Holidays were likely to be at a seaside resort in the UK, rather than jetting off, and they did not splash out on posh furniture etc.
We now have a large mortgage on the same farm, but less acreage, probably 20 acres. I think we could probably be classed as hobby farmers. My OH works full time, and has another job part time in the evenings. I work three days a week. If we sell a cow, goat, sheep or whatever, there is no way we could live on what money that brought in .....and on our acreage, I doubt we could in this day and age give up our jobs and just farm.
The only way we could probably do it, is by having a dozen horses on full livery .....but then you are entering the business tax area, so you have to charge clients a lot to cover this and make a living.