The evolving study of identity development has become increasingly attentive to the ways that young people think about their socioeconomic and racial-ethnic identities. The status-based identity framework provides one way to analyze the implications of these dynamic identities, particularly as people approach young adulthood. For students from low socioeconomic status (SES) backgrounds, the experience of socioeconomic mobility can accompany an aversive sense of uncertainty about their own SES, termed status uncertainty, with potential negative implications for their academic behaviors and outcomes. A longitudinal study and experiment demonstrate some of these consequences and suggest how intersections between socioeconomic and racial-ethnic identities may be associated with well-being. This perspective on the dynamic identities of young people calls for consistent attention to the various levels of context that can be leveraged to support positive development, effective goal pursuit, and desired life trajectories.