This study tests the Buddhist hypothesis that observance of Buddhist Five Precepts leads to subjective wealth, and happiness. Gotama Buddha defined happiness as the result of subjective wealth: having wealth, using wealth, not being in debt, and engaging in a harmless profession. Four hundred residents of Bangkok participated in the study by responding to scales assessing the extent of their observance of the Five Precepts, subjective wealth, and domain satisfactions and life satisfaction. Regression analyses were used to test the hypothesis. The results confirm that subjective wealth mediates the relationship between observance of the Five Precepts and happiness. Happiness begins by not transgressing upon oneself and violating others, and may depend less on what one has than on what one has left after paying off the bills.