Despite her other faults, Alison claims to believe in honesty, sometimes even taking it to an extreme. Although her behavior is not always consistent with her belief, the conflict between acting and being is a central one in the novel, expressed through the continual games of "Truth or Dare" and, paradoxically, through Alison's acting lessons. Although she is learning to act out roles, Alison's acting teacher encourages his students to draw from themselves to fill out the part. His highest praise, that someone is "inhabiting the role," comes only when he feels that the performance, and the emotions, are honest ones. Ironically, the money for Alison's acting lessons often comes through dishonesty, as when she tricks Skip into giving her money for an abortion she does not need, or when her father, who seems to be involved in some unsavory business dealings, sends money for her school.

Like Mclnerney's other novels, Story of My Life may be read as a bildungsroman, a novel that chronicles a character's coming-of-age and awareness of who he or she is. Alison faces many challenges, some sexual, some financial, all of which must be conquered if she is to become a complete person. At the end of the novel, Alison reaches some understanding about herself and who she is; even though she has not solved all her problems, her growing self-awareness and newfound acceptance of her own life must be read as a positive step.