Almost everyone using this site is in that position, or at least can get there with a few months work, whether they know it or not. The exception, of course, are those folks who have a family to support. But if you're single and a nerd, you could do 6 months worth of contract work, and live for a couple of years on the proceeds, if you live frugally.
I've done it a few times, and I don't even have a college degree worth speaking of (community college, but that doesn't count). In fact, I've just come off of two years of doing so--Virtualmin, Inc. has recently become profitable enough to pay me a nice salary, but I lived for the first year completely without a salary, and the second on about $1000/month. I'd saved up for a year before knowing I'd be quitting contracting and working full-time on something cool. I did the same for my first company--decided I wanted to start a company, worked for six more months at my old position and then quit with about one year of runway in the bank.
The "basic needs" bar is actually much lower than most Americans think it is. You don't need cable, you don't need a $75/month cell phone plan, and you don't need a McMansion or a sweet apartment in the swish part of town. Hell, you probably don't even need a car, though I've considered living in a van and traveling the country (which really cuts down on rent--campgrounds run $6-$20/night, with discounted weekly rates)...I might even still do that at some point.
You don't have to be a millionaire to have the luxury to live your life as you choose. Sure, it's nice to know you never have to go get a real job again. But, if you live below your means, no matter what those means are, you're in a very flexible position.
