On average, Anglo-Americans report that they are satisfied with their lives, but their global evaluations tend to deviate from their daily experiences (e.g., Oishi [2002, "Personality and Social Psychology Bulletin" 28(10), 1398-1406]). We explored the hypothesis that the average life satisfaction of Anglo-Americans is better characterized as neutral than satisfied. In Study 1 we developed the five-item Contentment with Life Assessment Scale (CLAS), which focuses on contentment, fulfillment and self-discrepancies. Normative data based on three general population samples demonstrated that the CLAS produces a close to normal distribution of scores, has excellent reliability, and is sensitive to differences in life conditions (e.g., income, marital status). In two daily diary studies we tested whether global life satisfaction measures corresponded to people's daily subjective well-being. The CLAS was the best predictor among three self-report life satisfaction measures of daily escapist behaviors including television watching and alcohol consumption, and daily stress-related physical symptoms (Study 2). In Study 3, participants recorded their level of life satisfaction daily for two weeks. Average daily life satisfaction scores clustered close to the neutral rather than satisfied point of the measurement scale.