Most scholars of poverty agree that it refers to a condition in which an individual has a low income; however, their studies rarely incorporate judgments about thewelfare of those who consider themselves to be living in poverty. The purpose of this paper is to analyze the existing relationship between the concepts of poverty according to income and the concept of poverty based on people’s assessmentof their own condition, according to the information obtained from the Surveyon Quality of Life performed in Bogota for 2007. Conclusions highlight the differences and similarities between this measurement and the traditional or objective measurements.