Abstract: To examine whether caregiver burden and general well-being are opposite sides of the same coin or distinct constructs, we compared burden (in physical, mental, financial, and social domains) and well-being (in the same domains, but with separate objective and subjective measures). The domains of burden and well-being were examined first as correlates of one another, second as correlates of atecedents in the caregiving situation, and finally, as predictors of likelihood to institutionalize. We conclude that burden and well-being are not opposite sides of the same coin, but rather related currency, each useful for tapping unique facets of the caregiving experience.