The present study examined the relationship between investment in gender ideals and well-being and the role of external contingencies of self-worth in a longitudinal survey of 677 college freshmen. We propose a model of how investment in gender ideals affects external contingencies and the consequences for self-esteem, depression, and symptoms of disordered eating. Specifically, we find that the negative relationship between investment in gender ideals and well-being is mediated through externally contingent self-worth. The model showed a good fit for the overall sample. Comparative model testing revealed a good fit for men and women as well as White Americans, Asian Americans, and African Americans.