Actually that is pretty much how I was raised. We were not anything remotely close to wealthy, actually quite the opposite. My summers as a kid were spent helping care for the nearly 3/4 acre garden that provided all our vegetables for the year. We hunted deer in the fall not just for sport but mainly for a years supply of meat. Beef was a rare luxury, we raised chickens. Heck we didn't hardly get anything from the grocery store besides powdered milk, cheese, peanut butter, butter, and the other essentials that we couldn't produce on our own.
Looking back now I would almost consider trading my overly busy life and horrible diet (due to almost constant travel for work) for that life again. But then again growing up like that I think also created the addiction to toys that I have now. However if I were to settle down and have kids that type of living would be at least a part of my life.