Growth in economic disparities, economic segregation, and racial/ethnic diversity have occurred in tandem in the U.S., leading to essential questions concerning whether the benefits of economic resources are shared across diverse groups. Analyzing a sample of eighth grade early adolescents (age 14 years) drawn from the nationally representative Early Childhood Longitudinal Study, Kindergarten Class of 1998–1999 (N = 7625; 59% White, 12% Black, 19% Hispanic, 7% Asian, 2% Native American, and 2% multiracial; 47% female), lagged regression models assessed links between family, neighborhood, and school income and adolescent emotional and behavioral functioning. The results found that family income was associated with heightened emotional and behavioral functioning, and school income with improved behavioral functioning for White adolescents, whereas no benefits emerged for Black or Hispanic youth. In contrast, mixed associations emerged between income and early adolescent functioning for Asian and American Indian youth, with predominantly negative links appearing for multiracial youth. These patterns highlight diversity in the potential benefits and costs of economic resources, and suggest the need to better specify mechanisms through which economic disparities affect youth from varied backgrounds.