This study compares the outcomes of teenage mothers to those who became pregnant as teenagers, miscarried, and delayed childbearing until adulthood. Comparing these two groups, the authors find that teenage mothers experienced little or no long-term disadvantage over those who delayed childbearing. By the time teenage mothers reached their late twenties, their educational attainment was no lower, their risk of single motherhood was only slightly higher, they had better employment outcomes, and they were less likely to live in poverty.