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Hello, Fellow Fools!!!

I have a question I did not hear anyone ask before.
What would be the most exact definition of the term "Financial Independence".

Am I only considered to be financially independent if I can quit my job forever and not have to worry about working again?

or...

Is it also considered financial indepedence if I were to get laid off and I can safely say "No biggie. I can live off my savings comfortably for up to two years without working. During that time I can go back to school, etc, etc..."

Thanks for the assistance.
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