Although socioeconomic status (SES) has been associated with a myriad of physical and psychological health indicators, it is arguably one of the most elusive constructs in the psychological literature. Most researchers agree that SES is complex and multidimensional; however, the majority of empirical studies that focus on SES do not measure (or attempt to measure) multiple components of the construct, instead focusing on one or two indicators of SES, most commonly household income and/or levels of education. This paper explores relationships among indicators of SES, disadvantage, and psychological well-being in two independent samples of families with children with severe emotional disturbances. In addition to utilizing two common SES indicators (parental education and income), we incorporated measures reflecting resource-related challenges of living, such as adequate food and housing. Based on analyses, we argue that such variables may better capture the challenges experienced by many families than traditional SES indicators. Findings also suggest that income and education relate to different aspects of family well-being, and solely using one or both of these variables may mask relevant relationships. Moreover, assessing practical, day-to-day challenges may permit a more nuanced picture of the relationships between factors associated with SES and indicators of well-being and adjustment.