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Welcome to the Forestry Forum! That sounds like a great piece of land.
I don't know enough about economics to answer your questions but trees are a crop and I don't see anything wrong with planting several species of trees in some of the fields.
Welcome to Forestry Forum.
You may need to define your standard of living to adequately answer that question. It would hire a forester to start with.
If you don't mind some hard work the potential is limitless.
The secret to sustainability is diversity; you may need to bale hay to cover the times when there is no wood market or just until you can establish your truck garden, bed & breakfast, woodlot tours, woodworking shop, .....
I'm younger than you...and I have been making a good income using a few trees now and then from our 100 acre woods. If you bought a sawmill, say a Woodmizer LT40 (just an example), you could saw your own lumber, dry it, and sell it. You have plenty of land there to do this. My operation takes up about an acre. Good luck! And remember, this is one of the best places to learn how to get started!
First, welcome to The Forestry Forum. Five years ago, I had the same issues facing me. I made some of the choices that Ron just suggested. Virtually all of my open land is now planted with SYP and various species of oak. It is also now in the American Tree Farm system. Contact your "County Forester". Your Extension Service can point you in the right direction.Here is a link to my tree farm. Good luck with your decisions.https://forestryforum.com/board/index.php/topic,41402.0.html
...Is this the longest post ever yet?...
I raise and sell hay (not what you want to hear )
welcome to the Forestry Forum!
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