Using data from a variety of sources, information was tabulated on the average loss of education by age at first birth, the average annual income and hourly wage for women by educational attainment, the expected annual reduction of income due to low educational attainment, and the direct costs of subsequent fertility. Results indicate that children born to teenagers were substantially more expensive than those born to women who delay first births until their 20's. The costs of early childbearing include the impact of loss of education, higher subsequent fertility, low labor force participation, and reduced earnings. Higher fertility plays an important role in the overall economic well-being of a family. The costs of second and third children add substantially to both direct and opportunity costs. Continued high fertility to teenage mothers and to female household heads in particular predict lower per capita income and a greater need for government subsidies. 4 tables, 7 references notes, 29 references. (Author abstract modified)