I don't have a public job because my time is needed in the tobacco crop my family raises every year. My pay is not an hourly wage, but is an arrangement with my father to supply me with hay and feed throughout the year. This financial strategy reduces risk because if cattle prices are low, the producer is still able to cover expenses. For example, if prices were slightly lower, I could still sell and have enough money to cover my loan payment but to make a profit, cattle would have to sell for enough to cover these expenses as well. My main concern is covering the loan, however, extra profit would be beneficial.
Diversification is a common production strategy that can be used.
This means to combine enterprises that are produced to reduce income variability. It creates stability when low income from one enterprise is balanced by a higher income from other enterprises. One source of diversification is a separate income from the farm. It insures the proper amount of cash flow for production costs and other expense obligations. I practice diversification by raising rabbits and horses as well as cattle.