In this paper, I study how wealth affects workers’ ability to move to higher-paying jobs. Using microdata from the SIPP, I compare equally skilled workers in similar careers and find that those with higher liquid wealth are 1.24 percentage points more likely to change jobs than workers with no savings, particularly at the bottom of the job ladder. To explain these patterns, I develop a job ladder model with incomplete markets, risk-averse workers, and wage posting. Allowing for separations to decrease in job tenure introduces a novel trade-off for on-the-job search: wage increases come at the cost of a higher risk of separation. To avoid this risk, workers with no liquidity prioritize job security over job mobility and remain trapped in low-paying jobs. This mechanism explains about 60% of the observed gap in job mobility by wealth in the data. However, extending unemployment benefits increases job mobility especially for poor workers at low-paying jobs, offering a potential pathway out of the job trap.