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This article uses multi-rater data from 458 triads (students, mother, father, total N = 1374) to examine the relationship of personality ratings with wellbeing ratings, using a multi-method approach to separate accurate perceptions (shared across raters) from biased perceptions of the self (rater-specific variance). The social-psychological perspective predicts effects of halo bias in self-ratings on wellbeing, whereas the personality-psychological perspective predicts effects of personality traits on wellbeing. Results are more consistent with the personality perspective in that neuroticism (negative), extraversion, agreeableness, and to a lesser extent conscientiousness predicted wellbeing, whereas positive illusions about the self were only weakly and not significantly related to wellbeing. These results cast doubt on the hypothesis that self-enhancement is beneficial for wellbeing.