The local farm is not accessible. Cmdlets with FeatureDependencyId are not registered

I ran into this error today when starting up the SharePoint 2010 Management Shell (ie: Powershell): The local farm is not accessible. Cmdlets with FeatureDependencyId are not registered.

A quick search shows that many people have run into this before. It has to do with the user with which you are running Powershell does not have the required permissions for the SharePoint_Config database

You can correct this either by giving the user enough permissions through SQL Server or run Add-SPShellAdmin. Both options require access to an account that already has the rights.