You don't wait if you truly do not want any breeding. As soon as you can tell the males from the females, you separate them. I don't worry about it much because I am not trying to breed show guppies. Mine are allowed to breed freely except if I find one that is in some way defective. That one gets to live out his/her life with fish other than guppies. I have plenty of other tanks where an occasional cull can go live with others who are not going to breed with it. BTW, inbreeding gets a lot of mouthy advice from many people but is not truly a problem if you are willing to remove the defectives. It is the fastest way known to improve a line of any animal, including fish. Selectively bred fish are the source of most of the fancy fish we enjoy today. They will most often have been bred by mating a fry with its parent to reinforce a trait that the breeder wants to develop and improve. When you see a tank full of any fancy fish that all look much alike, you won't need to go very far back in their family tree to find parents that they share in common.