Previous research suggests global assessments of cognitive well-being—life satisfaction—are relatively stable over time. Far fewer studies have examined the extent to which experiential measures of affective well-being—the moods/emotions people regularly experience—are stable, especially over extended periods of time. The present study used longitudinal data from a representative sample of Germans to investigate the long-term stability of different components of well-being. Participants provided global ratings of life satisfaction and affect, along with experiential measures of well-being up to 3 times over 2 years. Results indicated between one-third and one half of the variance in people’s daily affect was attributable to trait-like latent variables. Replicating meta-analytic findings, 50% of the variance in global measures of well-being was attributable to trait-like latent variables.