Financial independence is the point where you have the funds needed to live without needing to work day to day. You could think of this as the point at which your investments (stock, real estate, anything else) are generating enough income to support your needs indefinitely.
The strategy I use to invest $1 million dollars is the same one I would recommend to others. Depending on your age the numbers will be slightly different, but you can use the formula in this post to find out what allocation I would recommend.
Yesterday I published An Interactive Guide to Early Retirement and Financial Independence. This post took a long time to write - 6 weeks all told. In this post, I'll dive into why I went this route for this guide.