Yes Jim, you may be correct in that perhaps it doesn't mean you are Financially Independent yet. Some people want to know WHEN they are going to hit the crossover point from just getting by to when they really start growing the money towards financial independence. I need to reread this section of the book.
Do tell us more about the trinity study. I will go google it after lunch!
FrugalIII, I don't have a good answer for you. This relates to the book Your Money or Your Life by Joe Dominquez & Vicki Robins/Robinson?? can't recall her last name exactly. You might want to check the book out from your local library. I'd be plugging in your known numbers in some of the other online calculators. Fidelity has a pretty decent one.