This study was carried out for the purpose of explaining the mediating effects of a number of psychological variables (strategies for coping with stress, competitiveness, mastery, locus of control, depression and self-esteem) in the relationship between poverty and the well-being of individuals. To carry out the study, a non-probabilistic, stratified sample was used, with the participation of 918 inhabitants of Mexico City from three socioeconomic levels: extremely poor, moderately poor and not poor. A structural model was used for the analysis and treatment of data, and on the basis of that model, it was proven that there are different trajectories (mediations) through which poverty influences subjective well-being. The findings are discussed in light of the literature.