Financial independence refers to a state in which an individual or household has sufficient financial resources to live without having to rely on any additional income from outside sources. This means that they have enough savings, investments and assets to generate enough passive income to cover their expenses for the rest of their lives. Financial independence is often achieved through careful planning, saving, investing and managing money wisely over time. It allows people to live comfortably without having to work or rely on others for support, giving them freedom and control over their financial future.