This is a draft of a chapter of a planned book, Preschool and Jobs: Human Development as Economic Development, and Vice Versa [subsequently published as Investing in Kids, 2011]. This chapter considers a problem with early childhood programs: their effects on earnings are mostly long-delayed. The delay occurs because most earnings effects are on former child participants. The chapter considers appropriate discounting of benefits and how the upfront costs of early childhood programs can be delayed or reduced. It also addresses how the long-run benefits of early childhood programs can be moved up or increased.