What is financial independence?

Financial independence refers to a state wherein and individual is capable of providing and sustaining for his daily needs and expenses without having to depend or engage in any kind of employment. This usually occurs with the help of one or more assets on which the individual has invested on. These assets help generate are capable of providing extra passive income which is at least equal or more than their expenses. The individual is considered as financially independent with regard to the income in excess of all his expenses and liabilities.