A question that has plagued self-enhancement research is whether participants truly believe the overly positive self-assessments they report, or whether better-than-average effects reflect mere hopes or self-presentation. In a test of people’s belief in the accuracy of their self-enhancing trait ratings, participants made a series of bets, each time choosing between betting that they had scored at least as high on a personality test as a random other participant, or betting on a random drawing in which the probability of success was matched to their self-assigned percentile rank on the test. They also reported the point at which they would switch their bet from their self-rating to the drawing, or vice versa. Participants were indifferent between betting on themselves or on the drawing, and it took only a slight change in the drawing’s probability for them to switch their bet, indicating that people truly believe their self-enhancing self-assessments.