This paper reports on the reliability, validity, and factor analysis of the subscales of the Thoughts and Real-Life Experiences Scale (THARL Scale). Two hundred and twenty-three subjects completed the THARL Scale. Of these, 86 subjects also completed anxiety, stress, depressive cognitions, well-being, and general psychological health scales. Six weeks later, 174 subjects completed the THARL Scale again. The four subscales of the THARL Scale were found to be reliable. Thought-related distress and real life related distress correlated positively with anxiety, stress, and depressive cognitions, and the thought-related positive affect and real life related positive affect correlated negatively with anxiety, stress, and depressive cognitions. High distress was associated with low well-being and low psychological health, and high positive affect was associated with high well-being and high psychological health. Results of multiple regression analyses showed that positive affect due to thoughts was the best predictor of anxiety, while positive affect due to day-to-day experiences was the best predictor of stress and depressive cognitions. Positive and negative affect caused by thoughts were the two significant predictors of well-being while negative affect caused by thoughts and positive affect caused by day-to-day experiences were the two significant predictors of general psychological health. It was concluded that the THARL Scale may be employed as an instrument for the diagnosis of psychological problems and emotional health.