Wellbeing and self-confidence of older adults are important for their overall physical and mental health and can help them cope with the challenges of aging. It can also help them to stay independent and connected to their communities. Our study aims to examine ways to promote elderly people’s wellbeing and self-confidence. To accomplish this aim we designed and administered questionnaires to 32 adults over the age of 65 years. We examined the data using exponential random graph model (ERGM). Our results revealed that having more than one income source, good health, having family members around, economic status and joining a social group were all ways adults improved their wellbeing and self-confidence. Based on our findings, we recommend that community centers and organizations focus on creating more social group opportunities tailored for older adults. Additionally, programs that encourage family involvement and provide resources for maintaining good health should be prioritized. Efforts to support multiple income sources for seniors could also significantly enhance their overall wellbeing and self-confidence.