I find the term “financial independence” as somewhat vague.

I have found that there are 2 prevailing definitions of financial independence:

1. You do not appear as a dependent on anyone’s tax returns for at least 2 consecutive years.
2. You are able to support your chosen lifestyle financially, without assistance (a job is assistance from an employer)

With the second one, I currently run my own business, so I don’t rely on an employer for my income. It becomes a pretty straightforward goal of earning enough income through dividends.

For me, then, I define that I have accomplished this goal if I earn enough to be able to support my current lifestyle should I choose to pay for it myself (not counting retained earnings). And that income must be consistently above the cost of my lifestyle for 6 months before I declare accomplishment.

As of this day, April 4 2009, the number to reach is 60.