I think they’re talking liquid here. In Nicole’s last post, she says Independence includes a net worth of 50% to 2x gross ANNUAL income.
I always twitch when I see ratios pegged to income — I tend to prefer using expenses. Just because someone earns a lot doesn’t mean that they need that much to live. Maybe I’m an outlier… I live on $15-20k/year but make roughly 3x that. So my savings/retirement requirements should be more based on how long it will last me, not how much I earn.