This study examined the dynamics of cognitive abilities and academic achievement from childhood to early adulthood. Predictions about time-dependent "coupling" relations between cognition and achievement based on R. B. Cattell's (1971, 1987) investment hypothesis were evaluated using linear dynamic models applied to longitudinal data (N=672). Contrary to Cattell's hypothesis, a first set of findings indicated that fluid and crystallized abilities, as defined by the Woodcock-Johnson Psycho-Educational Battery-Revised (WJ-R; R. W. Woodcock & M. B. Johnson, 1989-1990), were not dynamically coupled with each other over time. A second set of findings provided support for the original predictions and indicated that fluid ability was a leading indicator of changes in achievement measures (i.e., quantitative ability and general academic knowledge). The findings of this study suggest that the dynamics of cognitive abilities and academic achievement follow a more complex pattern than that specified by Cattell's investment hypothesis.