Couple of years ago I did some work for a guy that has 70 acres that he runs 30 or so mother cows and a single bull. He has it divided into three pastures. He feeds hay all winter long and lets them use all three pastures. Then in Spring, he keeps them in one pasture and lets the other two grow. He continues to feed hay, but it's nowhere near what he feeds them in the winter. Once he cuts one pasture for hay, he moves the cows into the other pasture that wasn't cut and lets the cut pasture and the one they where in before grow. He is able to cut and bale more then enough hay this way to feed them. While I was there, he swapped out his bull, and said that he is always looking for a better bull to trade with somebody.
He works full time driving a big rig and I have no idea what he makes driving the truck. It's not union, so whatever wages are for short haul is his main income. He has two brand new dodge trucks. A one ton duelly and a 3/4 ton loaded four door. While I was there, he bought a brand new Deere diesel UTV. The job that I did for him was a hundred grand for labor and materials. He pays cash for everything.
I know he's not making enough driving the truck to be able to buy what he does. He complained that there isn't very much money in cattle, but he also said that it's all cash and he makes enough at it to make it worth while. I have no idea how long it took to get to that point, but from the number of twins his cows had while I was there, and going off of his numbers of what they will sell for, it's an easy $50 grand a year profit that doesn't really account for expenses. He has to buy fuel for his big cabbed kubota, and he sprays the fields himself, so that costs something. I wasn't aware of any vet bills, and doubt he pays anybody to do anything. If he can't do it, it doesn't get done and the cow gets hauled to the sale barn. Fencing is all rusted out, but solid. I think that there is enough food for them that they don't put any pressure on the fences.
My thinking is that there is plenty of extra money to be made raising cattle if you have everything in place for them and enough pasture to feed them. Building up your herd with quality animals that produce twins every year that gain weight quickly so you can make the most money possible when you sell them will take a lot of time and money. What it costs to get to that point, and all the years it takes is where you lose so much money on livestock.