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This article adopts and extends a meaning-based approach to advertising. We emphasize the consumer's perspective and seek to address important factors that motivate and shape actualized advertising meanings. A graphic model is delineated that focuses on consumers' life themes (e.g., being true vs. being false) and life projects (e.g., what it means to be an educator). The model is assessed through a phenomenological inquiry into the life stories of three individuals and their respective experiences of contemporary magazine advertisements. Findings corroborate the proposition that many actualized ad meanings are a function of the consumer's salient life projects as conjoined by life themes. Discussion focuses on the implications for advertising theory and consumer research.