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A major component driving cross-country fertility differences in the developed world is differences in the probability of having additional children among those who have one. Why do people stop at having only one child? We hypothesize that the experience of the transition to parenthood is an important determinant of further fertility. Analyzing longitudinal data from Germany, we find that the experience during the transition to parenthood, as measured by changes in subjective well-being, predicts further parity progression. A drop in well-being surrounding first birth predicts a decreased likelihood of having another child. The association is particularly strong for older parents and those with higher education: these characteristics may be related to the ability or willingness to revise fertility plans based on prior experiences. Parents’ experience with the first birth is an important and understudied factor in determining completed family size, and policy-makers concerned about low fertility should pay attention to factors that influence the well-being of new parents.