1) "Budget” financial independence
You have enough and no longer need to work… but only if you make some necessary trade-offs to live a modest “budget” living of ~$40,000/year, which may entail moving to a lower cost of living area (even if you don’t necessarily want to), or delaying family/child decisions, or still feeling the need to engage in some side hustle to make ends meet;
2) “Baseline” financial independence
You have enough to support a $100,000/year lifestyle that is consistent with the above median household income in the US;
3) “Blockbuster” financial independence
Your sustainable income may be $200,000+/year or more, which makes financial independence viable regardless of where you live (even if it’s Manhattan or San Francisco!), or what kind of reasonably affluent lifestyle you live.