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This code below demonstrates how to set a tooltip for a JLabel, this can be done for JButtons and many other components aswell. To see the tooltip text you need to hover the black text with your mouse.

This is an example how to create a statusbar in a JFrame using Java

First create a JLabel component like this:
JLabel status = new JLabel("This is a statusBar example");

And add the following code below in your program:
status.setPreferredSize(new Dimension(100, 16));
getContentPane().add(status, BorderLayout.SOUTH);