Status can indicate a rank, or simply a situation/circumstance/state of being.
For instance, you could say your current status is "happy". It's your current state of being.
Status, in this sense, applies to one's circumstance in many areas of life: You could say your employment status is "employed" or that your relationship status is "Single". Your status in your family could be "youngest" or "oldest". None of these descriptive types of "status" relate to being inferior or superior in any sense. There's no "high" or "low" in this sense of the term.
Status as "rank" is where 'high' and 'low' come in. It often applies to your position in relation to social class, or your degree of seniority or authority in a career. It also describes whether that career is considered an accomplished one or not.
Lawyers, doctors, and other highly paid, highly qualified people, could be judged as having a "high status career", since it is a career superior (in terms of wage, education and responsibility) to other careers.
Senior lawyers (partners in a firm, for instance) could be described as having high status within their career. So not only do they have a high status job; they also have a high status among other people in the same job.
The same people could also be said to have high social status in their community because of their abilities/earnings/achievements.
A job in a fastfood restaurant would be considered (in most Western countries anyway) a low status job. The people who work there would be considered to have low economic/social status, in general.
Status can apply to groups of friends, and relates to degrees of popularity within the group. There may be some members who are more respected or admired than others, and therefore have a high status within their group.
So "status" is a fairly complex word with several uses. Look it up to find out more.