Drawing on a bottom‐up theoretical perspective on life satisfaction, we developed and tested a model that specifies distinct paths from education to life satisfaction through three domain satisfactions (i.e., job, financial, and health satisfactions). Furthermore, we proposed explanatory mechanisms for each of these three paths (i.e., job fit, financial literacy, and proactive healthy behaviours). To test our hypotheses, we used a large probability sample comprising 3,011–9,669 individuals, from the Netherlands, who provided survey responses over four consecutive years. The results supported the hypothesised mediating mechanisms explaining the indirect relationship between education and job, financial, and health satisfactions. Findings also showed that each of these domain satisfactions independently predicts general life satisfaction. Overall, the study shows the importance of education for life satisfaction and highlights the importance of work (i.e., job fit and job satisfaction) for individuals' general subjective well‐being.