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The correlates and consequences of benefit finding on quality of life were examined for 364 women (93% Caucasian, 6% African American, and 1% Hispanic) diagnosed with Stage I, II, and III breast cancer. Benefit finding and quality of life were measured 4 months postdiagnosis (T1), 3 months after T1 (T2), and 6 months after T2 (T3). Women with lower socioeconomic status, minorities, and those with more severe disease perceived more benefits at baseline. Benefit finding was associated with more negative affect at baseline and also interacted with stage of disease, such that negative relations to quality of life across time were limited to those with more severe disease. Findings suggest there are qualifiers as to whether “finding something good in the bad” is good or bad.