A household survey of 537 residents was conducted to test conflicting hypotheses about the correlates of life events derived from three general models of well-being: an equilibrium, a life crisis, and a positive mental health model. Consistent with the predictions of a positive mental health approach, positive life events were correlated with both reports of distress and satisfaction. Further, positive and negative events were intercorrelated; the distress effects of positive events could be accounted for to a large extent by the negative events associated with them. The findings suggest that community studies need to assess the potentially positive as well as stressful effects of life events.