This study examined the relationship between ego-oriented or task-oriented motivation on one hand and subjective well-being and perceived ability on the other. Undergraduate (N=124) and graduate (N=212) students at Purdue University responded to a questionnaire by listing up to 10 personal projects and rating the 2 most important ones with respect to perceived ability, motivational orientations, project characteristics, and project satisfaction. Results revealed that academic projects were the most popular personal projects. Satisfaction with projects was found to be positively related to the perceived ability about the project. Hierarchical multiple regression analyses of questionnaire data indicated that motivational orientation had moderating effects on the relationship between project satisfaction and perceived ability about the project. Findings showed that the involvement of self-concept in affect regulation was most salient for ego-oriented (as opposed to task-oriented) subjects, although the relative importance of the project was crucial in eliciting the active involvement of self-concept in affect regulation. The study also identified a new and useful motivational orientation--social solidarity--to expand on the conceptions of motivation characterized by ego orientation and task orientation. References are included. (TE)