You are financially independent when you can live off your savings. You should put away as much as you can in diversified mutual funds. When you think you have enough, you retire.
Some advisers recommend investing in rental real estate. This is an alternate investing strategy if you have the ability to be a good landlord. Being a landlord does take more work than investing in mutual funds.
You have enough money where “you” can live without fear of needing money.
doing self business makes you be financially independent
You are financially independent when no one else helps you pay your bills.
You can become financially independent when your assets exceed your liabilities. That means that you are accruing more money than you are spending. To do this, the fundamental requirements are: a good education, a good job, regular income, good investments (stocks, bonds and mutual funds), enough insurance to cover your requirements, no credit card debt, etc. Becoming financially independent takes discipline, so spending for everything you desire will simply delay reaching your goal. There are many levels of financial independence- if you are wealthy, you probably do not need to work. But most people work for the challenge as well as the money. Reaching financial independence allows you to live your life the way you wish.